The Minority accused the Majority of deliberately preventing Ghanaians from hearing what it says is the Bank of Ghana’s admission that the recent stability of the cedi has been sustained through the Domestic Gold Purchase Programme introduced under the previous New Patriotic Party (NPP) administration.

The controversy followed the Majority’s decision to have Bank of Ghana Governor, Dr Johnson Asiama, brief Parliament’s Committee of the Whole behind closed doors.

Journalists were ordered to leave the public gallery before proceedings began, prompting the Minority Caucus to stage a walkout.

The Minority argued that the engagement involved matters of significant public interest, including the management of the foreign exchange market, the financial position of the central bank and the factors behind the cedi’s recent stability.

The First Deputy Speaker, Bernard Ahiafor, granted the Majority’s request for the Committee of the Whole to sit in camera.

Leading the Minority’s protest was Ofoase-Ayirebi MP and Ranking Member on Parliament’s Economy and Development Committee, Kojo Oppong Nkrumah.

He argued there was no basis for excluding the media because the Governor had already submitted written responses to parliamentary questions, which had been published on the Order Paper.

According to him, the responses contained no classified information and should have been discussed openly.

“These are the answers that the Majority seeks to deny the press an opportunity to report to the people of Ghana. What is there to hide, for which reason the media is being denied access to follow these proceedings?”

At the centre of the dispute were three questions filed by Mr Oppong Nkrumah seeking clarification on the source of foreign exchange used by the Bank of Ghana for market interventions, the framework governing those interventions and the total amount of foreign exchange injected into the market since January 7, 2025.

In his written responses, the Governor disclosed that the Bank of Ghana has not undertaken any direct foreign exchange intervention using the country’s international reserves since August 2024.

Instead, he explained that the central bank has relied on the Domestic Gold Purchase Programme to intermediate foreign exchange flows.

Under the arrangement, cedis generated through foreign-exchange forward auctions are converted into foreign currency via gold purchases before being channelled back into the market.

The Governor said the mechanism replaced foreign exchange flows previously supplied by independent gold exporters, which had been centralised under GoldBod operations.

He also disclosed that the current Foreign Exchange Operations Framework, introduced on November 11, 2025, is based on a rule-based system that allows exchange rates to be determined by market forces while limiting excessive short-term volatility.

According to the Governor, between January 7 and December 31, 2025, the Bank of Ghana facilitated about US$10.36 billion in foreign exchange through the Domestic Gold Purchase Programme.

He stressed that these transactions were not financed from Ghana’s international reserves but were supported by foreign exchange generated from gold purchases.

Mr. Oppong Nkrumah argued that the disclosures confirmed the Domestic Gold Purchase Programme had become the principal source of foreign exchange supporting the cedi.

“The Bank of Ghana is here to admit that its ability to intervene on the market is as a result of the Domestic Gold Purchase Programme. Why is it that the Majority is preventing the Governor from saying this to the entire country?”

The former Information Minister also said the Minority had planned to question the Governor on the Bank’s recent audited financial statements, including concerns over its reported operating losses, but suspended its participation after journalists were asked to leave.

He maintained that Parliament, as the “people’s House”, should not shield discussions on the economy from public scrutiny.

The Majority, however, defended the decision.

Majority Leader Mahama Ayariga said the Committee of the Whole acted within Parliament’s Standing Orders, which allow committees to decide whether to sit in public or in private.

He rejected claims that the Governor was being shielded and said Dr Asiama was prepared to answer all questions submitted by Members of Parliament.

According to him, the Minority chose to walk out after failing to convince the Committee to open the sitting to the media.

Despite the explanation, the Minority insists Ghanaians deserved to hear the Governor publicly explain the central bank’s foreign exchange operations and respond to follow-up questions in an open parliamentary session.