Gold purchase programme failed to deliver the expected financial benefits - Amin Adams
He made the point that three major costs were built into every transaction: exchange-rate differences, discounts to foreign buyers and handling fees.
Former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, has stated that the gold purchase programme failed to generate the anticipated financial gains, despite gold prices surging by 62.9 percent in the same year. The average price of gold rose from an initial US$2,395 per ounce to a peak of US$3,441. However, the programme reportedly continued to incur significant losses.
According to Dr Amin Adam, three primary costs were inherent in each transaction: exchange-rate differences, discounts to foreign buyers, and handling fees. On Tuesday, September 1, at a press conference in Accra, he explained that "The Bank advanced cedis at the official interbank rate while GoldBod paid miners at the higher rate available at forex bureaus. The Bank absorbed that gap on every purchase."
Dr Amin Adam also highlighted the discount given to foreign buyers, pointing out that Ghana sold gold in October 2025 at US$3,919 per ounce, while the global average was US$4,054. He emphasized that this discount represented a substantial cost to the nation.
He further questioned GoldBod's ability to report a surplus when the institution providing the funds experienced a major loss, stating: "How does a gold buying operator record a surplus while the institution whose funds it is using records a loss?" He is urging GoldBod to revise its 2025 accounts, removing the GH¢4.54 billion capital injection from its revenue.
Written by urgent.news from 3News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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