Amin Adam questions Bank of Ghana’s GH¢9.05bn gold-related loss

Dr. Mohammed Amin Adam, a former Finance Minister and Karaga MP, has raised concerns over the Bank of Ghana’s (BoG) accounting of losses related to Ghana’s gold purchase programme in 2025. The BoG reported a net loss of GH¢9.05 billion, whereas the International Monetary Fund (IMF) estimated the full economic cost of the gold programme at approximately GH¢22 billion.

Adam highlighted two primary factors contributing to the discrepancy: a GH¢5 billion recapitalisation bond and GH¢7.99 billion in unrealised gains recorded as income. These gains stem from gold purchased in 2023 and 2024 under the previous administration, which were sold in October 2025 for US$3.02 billion. Adam argues that the BoG’s loss figures would be significantly higher without the inclusion of these unrealised gains, which were transferred from the profit column into the solvency measure.

If this accounting entry were removed, the Bank's solvency would shift from a positive GH¢5.50 billion to a negative GH¢2.49 billion, and total equity would worsen from negative GH¢61.32 billion to negative GH¢96.28 billion. Adam dismisses the notion that this is merely a valuation issue, emphasizing that a valuation gain is sufficient to reduce a loss, whereas a valuation loss cannot be dismissed as unreal.

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