We demand removal of BoG Governor from GoldBod’s board – Amin Adam

Dr Mohammed Amin Adam, a Karaga Member of Parliament and former Finance Minister, has urged the removal of the Bank of Ghana Governor from the Board of the Ghana Gold Board (GoldBod). He argues that such an arrangement creates a clear conflict of interest, as the Bank of Ghana finances GoldBod's gold purchasing program while simultaneously recording losses from the same program.

At a press conference on Tuesday, September 1, Dr Amin Adam emphasized that the Bank of Ghana cannot continue financing GoldBod when its own institution is burdened by losses from the program. He questioned the independence of oversight given the Bank of Ghana's dual role as both financier and affected institution by GoldBod's financial performance.

Dr Amin Adam called for the Bank of Ghana Governor's removal from GoldBod's board due to his institution's involvement in funding the program. He also sought reconciliation of figures reported by the IMF, Bank of Ghana, and GoldBod to provide Ghanaians with a clear financial performance overview of the program. Additionally, he advocated for the disclosure of foreign buyers' identities, discounts granted to them, and the commercial terms of Ghana's gold sales.

While welcoming the Bank of Ghana's decision to halt pre-financing of gold purchases from July 1, 2026, Dr Amin Adam stressed that the decision does not negate the need to account for the losses already incurred. The NPP plans to persist in demanding answers and supporting a comprehensive parliamentary inquiry into the program, emphasizing transparency and accountability in the management of public funds.