Amin Adam: Gold programme lost money despite 62.9% rise in prices

Former Finance Minister, Dr Mohammed Amin Adam, has revealed that Ghana's gold purchase programme failed to generate the anticipated financial gains, despite a remarkable 62.9% surge in global gold prices in 2025. Karaga MP Dr Amin Adam highlighted this during a press conference on Tuesday, September 1.

Dr Amin Adam pointed out that although gold prices skyrocketed from an average of US$2,395 per ounce to US$3,441 in the same period, the country's gold purchase programme persisted in incurring significant losses. He emphasized that this outcome was not due to market conditions but rather the costs embedded in every transaction.

The financial expert revealed that three primary costs were factored into each deal: exchange-rate disparities, discounts to foreign purchasers, and handling charges. According to Dr Amin Adam, the Bank of Ghana advanced cedis at the official interbank rate, while GoldBod, a gold trading entity, paid miners at more advantageous rates available through forex bureaus. The Bank absorbed the difference on each purchase, thus bearing the brunt of the costs.

Furthermore, the former Finance Minister criticized the discount granted to foreign buyers, noting that Ghana sold gold at US$3,919 per ounce in October 2025, as opposed to the global average of US$4,054. This discount, he argued, was a substantial drain on the country's resources, as it represented money that never entered Ghana. Additionally, Dr Amin Adam deplored the 0.5% service fee and 0.258% assay fee levied on the full value of the transactions.