Professor Kobby Mensah, an Associate Professor at the University of Ghana Business School (UGBS) and Chief Executive Officer of the Ghana Tourism Development Company Limited, has criticised the Minority in Parliament following their press conference held on Monday, December 29, 2025.
The Minority, led by former Minister of Information, Kojo Oppong Nkrumah, accused the ruling National Democratic Congress (NDC) government of lacking originality and competence in economic management, particularly in relation to the Bank of Ghana’s Gold-for-Reserves programme.
However, reacting to the claims in a post on X, Professor Mensah dismissed the Minority’s criticisms, accusing them of talking without offering practical solutions.
Responding directly to Kojo Oppong Nkrumah, the professor questioned the track record of the Minority while they were in government.
“Which of your ‘old’ ideas reduced the pound sterling from 23 cedis to 14? The dollar from 16 cedis to 11? Or reduced fuel from 20 cedis per litre to 10.37? Talk, Talk Party,” he wrote.
The Minority’s press conference focused on what they described as a significant financial loss to the state estimated at $214 million under the Gold-for-Reserves programme managed by the Bank of Ghana.
They are calling for a bipartisan parliamentary inquiry to investigate the circumstances surrounding the losses and to recommend safeguards to prevent a recurrence.
Addressing the media, Kojo Oppong Nkrumah argued that the government has failed to introduce new or superior economic ideas, claiming it has merely repackaged policies inherited from the previous administration.
“The truth about this government is that they have not introduced any superior economic ideas. All they have been doing is rebranding, renaming old things and sometimes even hiding the details until we, the Minority, bring them to the public’s attention,” he said.
He further questioned what innovations the government would introduce once the International Monetary Fund (IMF) programme ends in mid-2026.
“So, when the IMF is no longer here by the middle of 2026 and they are finished rebranding the ideas they inherited, which new ideas would they be introducing? Which old ideas would they now be left with to copy, and who will be shepherding them?” he asked.
Beyond the inquiry, the Minority is also demanding the establishment of a parliamentary ad-hoc investigative committee to probe the Gold-for-Reserves transaction in detail.
They insist that the Bank of Ghana and the Ghana Gold Board must disclose the full fee structure, pricing formula, selection criteria for aggregators, and all foreign exchange arrangements linked to the programme.
According to the Minority, environmental concerns must also be addressed, including the suspension of mining permits in forest reserves and the enforcement of strict traceability measures.
“At present, we have every reason to believe that state money is being misused,” Kojo Oppong Nkrumah stated.
The Minority further expects the Governor of the Bank of Ghana and the Chief Executive Officer of the Ghana Gold Board to appear before the proposed committee to answer questions regarding the transaction.
Source: Ghanaweb
