The Centre for Democratic Movement (CDM) has accused government authorities of sustained opaqueness in the management of the Gold-for-Reserves (G4R) Programme following the Bank of Ghana’s admission that it has incurred losses under the initiative. 

The group said the development confirms long-standing concerns about secrecy and weak oversight.

In a statement issued on Monday, January 12, CDM said the programme was implemented without a clearly disclosed legal, financial, or operational framework, making it difficult for Parliament and the public to properly assess its performance.

“Since its inception, the G4R Programme has been surrounded by contradictions and unanswered questions,” CDM stated, noting that official assurances of profitability now conflict with data showing substantial losses.

The group further criticised what it described as persistent evasion of parliamentary scrutiny, despite repeated summons and requests for documentation. 

According to CDM, this lack of transparency has contributed to growing distrust in economic governance.

CDM warned that passing the financial burden from the Bank of Ghana to the Ministry of Finance would amount to shielding decision-makers from accountability. 

“Any attempt to shift politically induced losses onto the Bank of Ghana or Ghanaian taxpayers must end,” the statement said.

The group concluded that restoring confidence requires full disclosure and accountability. 

“Ghanaians deserve truth, transparency, and responsibility,” CDM said, adding that it remains committed to advocating for democratic, accountable, and transparent governance.