James Agalga: Demands Full GoldBod Audit Ghana to 2021

• Majority Leader James Agalga demands a comprehensive audit of Ghana's Domestic Gold Purchase Programme, extending from its 2021 inception.
• Agalga questioned whether the PMMC used forex bureau rates instead of Bank of Ghana rates for dore gold purchases in 2021, potentially leading to losses.
• He highlighted an active 2023 agreement between PMMC and the Bank of Ghana covering gold purchase costs, which he believes necessitates a broader investigation.
• Agalga defended GoldBod, stating its 2025 Auditor-General's report showed no adverse findings and that it operates as an agent for the Bank of Ghana, which should bear associated costs.
• He asserted that GoldBod has recorded a surplus exceeding 4 billion (implied GHS), as documented in the Auditor-General's report.

James Agalga, serving as the Majority Leader and Member of Parliament for Builsa North, has publicly called for a comprehensive investigation into Ghana's Domestic Gold Purchase Programme.

James Agalga, serving as the Majority Leader and Member of Parliament for Builsa North, has publicly called for a comprehensive investigation into Ghana's Domestic Gold Purchase Programme. Speaking on Joy News’ PM Express, Agalga emphasized that any inquiry restricted solely to the year 2025 would provide an incomplete understanding of the scheme's operations and financial implications. He argued for a broader scope, advocating for the probe to trace the programme back to its inception in 2021.

Agalga's demand for a full GoldBod audit Ghana stems from a belief that a holistic examination is necessary to properly interrogate the issues surrounding gold trading. He highlighted the importance of scrutinizing how gold purchases were managed under previous administrations, ensuring that the current focus on GoldBod’s activities in 2025 does not overshadow earlier practices. This expanded inquiry aims to uncover the full trajectory of the programme's financial dealings and operational procedures since its commencement.

A key area of concern for Mr. Agalga involves the pricing mechanisms employed during the programme's early stages. He specifically questioned whether the Precious Minerals Marketing Company (PMMC) acquired dore gold in 2021 using forex bureau rates, rather than the official Bank of Ghana rates. This distinction is critical, as Agalga suggested that utilizing forex bureau rates could have resulted in significant financial losses due to rate differentials. The Ghana dore gold forex rates investigation is central to his proposed expanded audit.

Furthermore, Agalga pointed to an existing agreement between the PMMC and the Bank of Ghana, which he confirmed remains active despite dating back to 2023. He stressed that limiting the investigation to 2025 would be a disservice, given that this PMMC Bank of Ghana gold agreement, which covers various costs associated with domestic gold purchases, is still in force. The agreement dictates how expenses such as security, insurance, assaying, and smelting are handled, making its terms and historical application crucial to the overall financial assessment.

Contrary to some public assertions, James Agalga defended GoldBod against claims of incurring losses. He stated that documents he had reviewed indicated otherwise, and that GoldBod would welcome any opportunity to clarify its financial standing. He referenced the Auditor-General’s 2025 report, noting that it contained no adverse findings against GoldBod, thereby supporting his assertion of the entity's GoldBod financial accountability Ghana.

Agalga further clarified GoldBod's operational structure, explaining that it functions as an agent of the Bank of Ghana. He argued that, as an agent, GoldBod should not be expected to bear the associated costs of gold purchases, which include security, insurance, assay, and smelting. Instead, he maintained that the principal, the Bank of Ghana, is responsible for these expenditures. Agalga asserted that GoldBod has, in fact, generated a substantial surplus, exceeding 4 billion (implied GHS), a figure he stated is also reflected in the Auditor-General's report.

The overarching objective of James Agalga's gold trading scheme inquiry is to ensure a thorough and transparent review of the entire Ghana Domestic Gold Purchase Programme probe. By extending the probe's timeline and scrutinizing historical practices, he aims to bring all relevant issues to light, enabling an informed assessment of the scheme's effectiveness and financial management. This comprehensive approach is intended to provide clarity on cost allocations, pricing strategies, and the roles of various entities involved, including GoldBod and PMMC.

Agalga's insistence on a holistic investigation underscores the importance of public accountability in Ghana's gold sector. His call for a deeper dive beyond a limited timeframe reflects a commitment to understanding the full financial landscape of the programme, from its 2021 origins to its current operations. This initiative seeks to address any lingering questions about potential losses or inefficiencies, ultimately aiming for greater transparency and robust oversight within the nation's critical gold trading activities.

Lawyers advising entities involved in Ghana's gold sector, particularly those dealing with the Domestic Gold Purchase Programme or PMMC, should monitor the expanded scope of this investigation for potential compliance risks, financial liabilities, or changes in regulatory scrutiny regarding gold purchasing practices and pricing mechanisms. This could impact due diligence requirements and contractual obligations.

Source: Original reporting via Abubakar Ibrahim for Carbonatix