The Chairperson of Parliament’s Public Accounts Committee (PAC)and Member of Parliament for Atiwa East, Abena Osei-Asare, has called on President John Dramani Mahama to order a comprehensive investigation into the alleged US$1.7 billion loss associated with the Domestic Gold Purchase Programme (DGPP).

Speaking at a press briefing on matters concerning GoldBod, the Bank of Ghana (BoG) and the funded foreign exchange forward sale programme, the MP said the scale of reported losses associated with the domestic gold purchase programme warranted further scrutiny.

Osei-Asare said she was particularly concerned about the disparity between figures reported by the Bank of Ghana and the International Monetary Fund (IMF) regarding losses under the Domestic Gold Purchase Programme.

According to her, the IMF’s latest Article IV consultation estimated losses from the programme at about US$1.7 billion, while the Bank of Ghana’s 2025 financial statements reported a loss of US$214 million.

She questioned how the significant difference between the two figures was accounted for and called for greater transparency.

“The IMF comes, and the IMF is privy to all the data and everything, and says no, the loss is not $214 million as you recorded, but $1.7 billion,” she said.

Osei-Asare also called on the accounting firm that audited the Bank of Ghana’s financial statements to explain how the approximately US$1.4 billion difference was treated.

“I’m asking the accounting firm that audited Bank of Ghana, I want to hear from them on this. So how did they treat the difference of close to $1.4 billion?” she questioned.

The Atiwa East MP said the reported US$1.7 billion loss was equivalent to approximately GH¢22 billion, describing the amount as significant given Ghana’s competing development needs.

She compared the figure with the reported financial requirement of the Ministry of Health to recruit nurses, arguing that a fraction of the amount could have been used to create jobs for unemployed health professionals.

“The Minister of Health is complaining about the fact that he needs GH¢6 billion to recruit nurses. And here we are, GH¢22 billion is going down the drain,” she said.

According to Osei-Asare, investing GH¢6 billion in the recruitment exercise could help employ more than 10,000 nurses, reduce unemployment and generate additional revenue for the state through income taxes.

The MP further questioned GoldBod’s reported profit of about GH¢909 million, arguing that the figure should be assessed alongside the reported losses incurred under the broader gold purchase arrangements.

She also questioned the discounts reportedly granted to gold off-takers, saying the public deserved an explanation for the financial implications of such arrangements.

Osei-Asare stressed that her concerns were not intended to attack GoldBod but to ensure transparency and accountability in the management of public funds.

“This is not about GoldBod coming out with insults. We want them to elevate their discussion. Tell us their side of the story,” she said.

She maintained that the reported figures and financial arrangements surrounding GoldBod and the Bank of Ghana required further investigation to establish the facts and safeguard public resources.