By Daniel Bampoe
The Member of Parliament for Suhum and Deputy Ranking Member on Parliament’s Budget Committee, Frank Asiedu Bekoe, has issued a strong political warning over the ongoing controversy surrounding Ghana’s Gold-for-Reserves programme, declaring that a future government led by the New Patriotic Party (NPP) will reopen investigations into the policy if voted into power in 2029.
Speaking on The Pulse on Joy News, Protozoa framed the issue as a national concern, stating: “It should be a point of worry for every Tom, Dick and Harry… because the Minority came up with this motion that the Gold-for-Reserves programme should be investigated.”
He stressed that the call for a probe was based on serious financial concerns, adding: “The IMF said that Ghana has lost $214 million as far as the programme is concerned… and indeed, it is prudent, if you are a well-meaning Ghanaian, to be worried.”
Providing broader context, the Gold-for-Reserves programme—run by the Bank of Ghana since 2021—was introduced to boost Ghana’s foreign exchange reserves using domestically acquired gold instead of relying heavily on foreign currencies.
While the National Democratic Congress government has defended the policy as a strategic intervention to stabilise the economy, critics have questioned its financial performance, particularly following claims of significant losses in 2025.
According to Protozoa, the refusal by Parliament’s Majority to allow a probe raises serious accountability concerns. He stated: “We are saying that if the Majority has nothing to hide, this committee should be instituted and embraced by all, because Ghana cannot continue to lose.”
He further criticised the Majority’s posture, saying: “The supermajority in Parliament is not worried… they are not interested in how these losses came about.”
The Suhum MP linked the alleged losses to the broader economic challenges, especially youth unemployment.
He argued that such funds could have been better utilised to support job creation, noting: “We have our teeming youth unemployed, and we should be worried how we are wasting funds… losing funds that could have been channelled into other sectors to create employment.”
Responding to arguments that the programme is yielding results and does not require immediate scrutiny, Protozoa insisted that accountability cannot be postponed.
“We have also been made aware that Ghana has lost $214 million. Anybody who cares about Ghana… should not shelve any probe to ascertain how this happened,” he said.
Despite the Minority’s push, Parliament recently rejected a motion to establish an investigative committee into the programme, with the Majority using its numerical strength to block the process.
Protozoa described this as a deliberate attempt to avoid scrutiny, stating: “The NDC has a supermajority in Parliament… whether they read through the books or not, they will use their numbers—and they have used their numbers—to block the probe.”
He, however, made it clear that the matter will not end there. In a strongly worded warning, Protozoa declared: “In 2029, inshallah, when the NPP assumes the reins of government, we shall pursue this investigation to see how Ghana lost this $214 million.”
He emphasised that accountability cannot be permanently avoided, adding: “There is no statute of limitation as far as crime is concerned… vindication is in the womb of time.”
When asked what steps the Minority would take in the interim, Protozoa hinted at strategic actions without revealing specifics.
“If a man intends to marry, he does not announce it on radio,” he remarked, suggesting that plans are underway but will be executed at the appropriate time.
He further called for a comprehensive investigation into the entire policy framework, stating: “It should be a comprehensive investigation… so that Ghana will not continue to lose $214 million in trade credits. We cannot continue to be losing this money.”
Protozoa also accused the Majority of acting out of fear rather than confidence in the programme.
“I think the Majority is afraid… they are paranoid that something bad could come out. For that reason, I don’t see why a government that talks about a reset agenda would be afraid of a probe,” he argued.
In his closing remarks, he cautioned that the Majority’s dominance in Parliament may not last indefinitely.
“The Majority in Parliament is gradually becoming an empty majority… and they are in trouble,” he said, reinforcing his position that political change could eventually open the door for a full investigation.
The remarks by Frank Asiedu Bekoe underscore the intensifying political battle over the Gold-for-Reserves programme, with accountability, transparency and economic management at the centre of the debate.
While the NDC government maintains that the policy is delivering strategic benefits, opposition figures insist that unanswered questions—particularly regarding the reported $214 million loss—must be thoroughly investigated in the interest of the Ghanaian public.
