GoldBod losses: We demand answers, not insults – Amin Adam

Former Finance Minister, Dr Mohammed Amin Adam, has stated that Ghana's gold purchase programme failed to generate the anticipated financial gains despite a significant surge in international gold prices during 2025. In an interview, Amin Adam, who represents the Karaga constituency in Parliament, noted that gold prices surged by an impressive 62.9 percent, climbing from an average of US$2,395 per ounce to US$3,441.

Speaking at a press conference held on September 1, Amin Adam highlighted that while the market exhibited one of the most robust years for gold in recent decades, Ghana's programme continued to incur substantial losses.

According to the finance minister, the programme's losses stemmed from three primary costs inherent in every transaction. Firstly, exchange-rate differences between the official interbank rate set by the Bank of Ghana and the rates offered by forex bureaus to miners. Secondly, discounting to foreign buyers, and thirdly, handling fees.

Amin Adam emphasized that the Bank of Ghana financed transactions at the official interbank rate, while GoldBod, a Ghanaian gold exporting entity, paid miners at higher rates accessible through forex bureaus. This discrepancy, he explained, resulted in the Bank of Ghana absorbing the gap on each purchase.

Furthermore, Amin Adam criticized the discounts granted to foreign buyers, stating that Ghana sold gold in October 2025 at US$3,919 per ounce, in contrast to the world average of US$4,054. He argued that this discount represented a significant loss for the country, as it equated to money that never entered Ghanaian coffers. In addition, he criticized the 0.5 percent service fee and 0.258 percent assay fee applied to the total value of all transactions.