We demand removal of BoG Governor from GoldBod’s board – Former Finance Minister
He argued that the Bank of Ghana cannot continue providing financing to GoldBod for gold purchases while simultaneously bearing losses arising from the programme being operated by GoldBod.
Former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, has urged for the removal of Bank of Ghana Governor Dr Johnson Asiama from the Board of the Ghana Gold Board (GoldBod). Dr Amin Adam believes the situation presents a clear conflict of interest, as the central bank is simultaneously financing GoldBod's gold purchases and bearing losses from the programme the institution manages.
The Bank of Ghana cannot continue lending to GoldBod while simultaneously recording losses from the programme, Dr Amin Adam argued. He emphasized the need to address issues of independence of oversight, particularly due to the Bank of Ghana's dual role as both financier and affected entity by GoldBod's financial performance. Dr Amin Adam's call aligns with the NPP's broader concerns over the gold purchase programme, following the IMF's assessment that the programme incurred an economic cost of approximately GH¢22 billion in 2025.
The former Finance Minister is also advocating for the transparency of foreign buyers' identities, the disclosure of discounts granted to them, and the commercial terms under which Ghana's gold was sold. Despite the Bank of Ghana's recent decision to cease pre-financing gold purchases from July 1, 2026, Dr Amin Adam stressed that this move does not absolve the need to account for the losses already incurred by the programme.
He reiterated that the NPP remains committed to seeking answers and supporting a comprehensive parliamentary inquiry into the matter, emphasizing the importance of transparency and accountability in the management of public funds.
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