Karaga MP and former Finance Minister Dr Mohammed Amin Adam has called for the removal of the Bank of Ghana Governor from the Board of the Ghana Gold Board (GoldBod), citing a potential conflict of interest.
Speaking at a press conference on Tuesday, September 1, Dr Amin Adam argued that the Governor should not serve on the board of an institution whose gold purchasing programme is financed by the central bank while the Bank of Ghana is also bearing losses from the programme.
“You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod,” he said.
He said the Governor’s dual role raises concerns about the independence of oversight, given that the Bank of Ghana is both a financier of the programme and an institution affected by its financial performance.
Dr Amin Adam’s concerns follow an IMF assessment that the gold purchasing programme carried an economic cost of about GH¢22 billion in 2025.
He called for the figures reported by the IMF, Bank of Ghana and GoldBod to be reconciled and made public to provide a clear account of the programme’s financial performance.
The former Finance Minister also demanded disclosure of the identities of foreign gold buyers, discounts granted and the commercial terms under which Ghana’s gold was sold.
He welcomed the Bank of Ghana’s decision to stop pre-financing gold purchases from July 1, 2026, but said this should not prevent an examination of losses already incurred.
Dr Amin Adam said the NPP would continue to push for answers and support a full parliamentary inquiry, stressing that the matter ultimately concerns transparency and accountability in the management of public funds.
