Kabiru Tiah Mahama has accused the government and key institutions of collusion in designing the controversial “Gold for Reserves” programme, which he says has caused losses exceeding $214 million to the state.
Speaking on the Asaase Breakfast Show on Tuesday (27 January), Mahama highlighted that the policy, involving the Bank of Ghana, the Gold Board, and the Finance Ministry, was deliberately structured to benefit private actors while generating losses for the government.
He noted that small-scale miners’ gold purchases under the program incentivised illegal mining activities, contributing to further state losses.
“All these people took a decision, sat down to plan a policy, designed a scheme that from the start they knew was going to cause loss to the state and went ahead to implement it,” Mahama said.
He also criticized the lack of accountability in the programme, noting that the Gold Board’s financial statements still report profits despite reliance on Bank of Ghana funding.
Mahama called for a parliamentary inquiry to expose those responsible and ensure transparency in the management of Ghana’s natural resources.
The MP emphasised that while government policies aimed at regulating the gold trade may be well-intentioned, poor execution and structural flaws are driving illegal mining and financial losses.
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