NewzFormer Finance Minister Dr Mohammed Amin Adam has reiterated the New Patriotic Party’s (NPP) demand for full disclosure and accountability regarding reported losses associated with Ghana’s gold trading programme. Addressing a press conference today, Dr Amin Adam said the NPP’s concerns were based on figures contained in the International Monetary Fund’s Country Report 2026/212, the audited 2025 accounts of the Bank of Ghana and the Ghana Gold Board (GoldBod), as well as data published by state institutions. The Karaga Member of Parliament said the party was seeking answers and supporting documents rather than engaging in political attacks, insisting that several of the documents being requested already exist and are required by law to be made public.
“We are asking for documents that already exist, several of which the law already requires to be public,” Dr Amin Adam said. A major issue, he said, was the apparent difference between the approximately GH¢22 billion economic cost of the programme cited by the IMF and the GH¢9.05 billion loss reported by the Bank of Ghana. He therefore called for a formal reconciliation of the various figures by the institutions involved.
“A signed reconciliation from the Bank of Ghana, GoldBod and the Finance Ministry showing exactly how the GH¢22 billion, GH¢9.05 billion and GH¢5.45 billion figures connect,” was among the demands, he said. Dr Amin Adam also questioned GoldBod’s reported GH¢5.45 billion surplus for 2025, arguing that GH¢4.54 billion of the amount represented a government capital injection rather than income generated from operations. He said the distinction needed to be clearly explained.
“It cannot be capital when that is convenient and revenue when there is something to celebrate,” he said. The former Finance Minister further demanded the disclosure of the identities of foreign buyers who purchased Ghana’s gold, alongside the discounts and other commercial terms under which the transactions were conducted. He said such information was important given the substantial increase in international gold prices during 2025.
According to him, gold prices rose by 62.9 per cent during the year, yet the IMF estimated that the programme lost about 17 per cent of the value of the raw gold sold by the Bank of Ghana. “Ghana bought gold, sold gold, and lost money, in the best gold market in 50 years,” Dr Amin Adam said. Karaga Member of Parliament and former Finance Minister, Dr Mohammed Amin Adam, has called for the removal of the Governor of the Bank of Ghana from the Board of the Ghana Gold Board (GoldBod), arguing that the arrangement creates a clear conflict of interest.
Dr Amin Adam said it was inappropriate for the Governor to remain on the board of an institution handling a programme that was being financed by the Bank of Ghana while the central bank itself was recording losses from the same programme. Speaking at a press conference on Tuesday, September 1, he argued that the Bank of Ghana could not continue providing financing to GoldBod for gold purchases while simultaneously bearing losses arising from the programme being operated by GoldBod. “You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod, and still be lending to it,” Dr Amin Adam said.
Summary from source