The Centre for Democratic Movement (CDM) says the controversy surrounding the Gold-for-Reserves Programme goes beyond financial losses and represents a serious failure of democratic governance.

The group said the Bank of Ghana’s admission has exposed deeper structural and accountability weaknesses.

In a statement dated January 12, CDM said the programme has been characterised by contradictions, secrecy, and shifting explanations since its inception.

It argued that these flaws have undermined public confidence in economic management.

“The Gold-for-Reserves controversy is not a mere accounting dispute; it is a governance failure with serious democratic implications,” the statement emphasised.

While acknowledging efforts by the Bank of Ghana to stabilise the economy where effective, CDM said this does not absolve those who promoted and defended the programme from responsibility.

It insisted that transparency and truth are essential to restoring public trust.

“Ghanaians deserve truth, transparency, and responsibility; not contradictions and after-the-fact rationalisations,” CDM stated, adding that it stands with citizens demanding accountable and prudent economic management.