KON Says It Bluntly: Bawumia Has Played A Role In Cedi Stability …But Majority Thwarts BoG’s Open Admission

A political row erupted in Parliament on Wednesday after the Minority accused the governing National Democratic Congress (NDC) Majority of deliberately shielding the Governor of the Bank of Ghana (BoG) from publicly acknowledging that the stability of the cedi has been underpinned by the Domestic Gold Purchase Programme (DGPP), a policy introduced under the previous New Patriotic Party (NPP) administration.

The controversy followed the Majority’s successful request for the Governor, Dr. Johnson PanditAsiama to brief Parliament’s Committee of the Whole behind closed doors, a decision the Minority said was intended to prevent Ghanaians from hearing key disclosures already contained in the Governor’s written responses to parliamentary questions.

The First Deputy Speaker, Bernard Ahiafor, granted the request for the in-camera session, after which journalists were ordered to leave the Public Gallery, before proceedings began.

The decision prompted an immediate walkout by the Minority Caucus, which argued that the issues before the Governor, including the management of the cedi, foreign exchange interventions and the financial position of the central bank, were matters of immense public interest that should be debated openly.

Leading the protest, the Ranking Member on Parliament’s Economy and Development Committee and Member of Parliament for Ofoase-Ayirebi, KojoOppong Nkrumah, described the exclusion of the media as unjustifiable, insisting that the Governor’s responses had already been published on Parliament’s Order Paper and contained no classified information.

“These are the answers that the Majority seeks to deny the press an opportunity to report to the people of Ghana. What is there to hide, for which reason the media is being denied access to follow these proceedings?” Mr.Oppong Nkrumah told journalists after the Minority suspended its participation.

BoG’s Written Responses

At the centre of the dispute were three parliamentary questions filed by Mr.Oppong Nkrumah, seeking details on the source of foreign exchange used by the Bank of Ghana for market interventions, the framework governing those interventions and the volume of foreign exchange injected into the market since January 7, 2025.

In his written responses, Dr.Asiama disclosed that the Bank has not undertaken any direct foreign exchange intervention using Ghana’s international reserves since August 2024.

Instead, he explained that the Bank has relied on the Domestic Gold Purchase Programme to intermediate foreign exchange flows.

Under the arrangement, cedi proceeds generated through foreign exchange forward auctions are converted into foreign currency through gold purchases, before being recycled into the market.

According to the Governor, the mechanism effectively replaces foreign exchange flows that were previously supplied by independent gold exporters before those transactions were centralised under the Ghana Gold Board (GoldBod).

Dr.Asiama also revealed that the current Foreign Exchange Operations Framework introduced on November 11, 2025 operates under a rules-based system designed to allow exchange rates to be determined by market forces while containing excessive short-term volatility.

He added that foreign exchange transactions are now conducted through transparent spot auctions without exchange-rate guidance or transaction fees.

The Governor further disclosed that between January 7 and December 31, 2025 the Bank facilitated approximately US$10.36 billion in foreign exchange through the Domestic Gold Purchase Programme.

He emphasised that these transactions were not financed from Ghana’s international reserves but were supported by foreign exchange generated through gold purchases.

“BoG Has Confirmed Bawumia’s Policy”

Mr.Oppong Nkrumah argued that the Governor’s own responses amount to an admission that the Domestic Gold Purchase Programme, widely associated with the gold-for-reserves strategy championed by former Vice President Dr.MahamuduBawumia, under the previous NPP administration, has become the principal source of foreign exchange supporting the cedi.

According to him, this was precisely the information the public deserved to hear directly from the Governor, rather than through documents discussed behind closed doors.

“The Bank of Ghana is here to admit that its ability to intervene in the market is as a result of the Domestic Gold Purchase Programme. Why is it that the Majority is preventing the Governor from saying this to the entire country?” he asked.

The former Information Minister further disclosed that the Minority had also intended to question the Governor on the Bank’s audited financial statements, including concerns over reported operating losses and the accuracy of certain figures contained in the accounts.

However, he said the Minority decided not to participate after journalists were excluded from the proceedings.

He maintained that Parliament, as the “People’s House”, should not conduct discussions on issues such as the cedi, inflation, foreign exchange management and the financial health of the Central Bank, away from public scrutiny.

Majority Defends Closed-Door Sitting

The Majority, however, defended the decision to hold the proceedings in camera.

Majority Leader MahamaAyariga argued that Parliament’s Standing Orders permit committees to determine whether their sittings should be held in public or privately.

He dismissed claims that the Governor was being shielded from accountability, insisting that Dr.Asiama had appeared before Parliament fully prepared to answer all questions submitted by Members of Parliament.

According to Mr.Ayariga, the Minority chose to walk out after failing to convince the Committee to admit the media.

Despite the Majority’s defence, the Minority insists the controversy is not merely about parliamentary procedure but about transparency and accountability.

It argues that since the Governor’s written responses openly acknowledge the central role of the Domestic Gold Purchase Programme in Ghana’s foreign exchange management, there was no justification for preventing Ghanaians from hearing the Governor explain the policy and respond to further questioning in a public parliamentary session.

 

 

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The post KON Says It Bluntly: Bawumia Has Played A Role In Cedi Stability …But Majority Thwarts BoG’s Open Admission appeared first on The Ghanaian Chronicle.

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