{
  "id": 4873102,
  "title": "GoldBod programme contributed just 1.3% to reserves increase – Amin Adam",
  "url": "https://urgent.news/2026/09/01/goldbod-programme-contributed-just-1-3-to-reserves-increase-amin-adam",
  "topic": "world",
  "section": "World",
  "published": "2026-09-01T14:21:40.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/goldbod-programme-contributed-just-1-3-to-reserves-increase-amin-adam/"
  },
  "original_language": "en",
  "account": "Dr Mohammed Amin Adam, Karaga MP and former Finance Minister, has challenged the notion that Ghana's gold purchase programme, GoldBod, played a substantial role in the recent surge of the country's foreign exchange reserves. According to Bank of Ghana data, gold contributed a mere US$60.9 million, or 1.3 percent, to the US$4.716 billion increase in reserves. During a press conference on September 1, Dr Adam highlighted that Ghana's physical gold reserves had plummeted from 30.5 tonnes to 18.6 tonnes, marking a 39 percent decrease. He pointed out that this significant reduction was due to market price fluctuations rather than an increase in Ghana's gold holdings.\n\nDr Amin Adam argued that the bulk of the reserves' growth can be attributed to other sources such as remittances amounting to US$7.79 billion, cocoa earnings of US$3.86 billion, crude oil exports valued at US$2.62 billion, and foreign direct investment of US$2.61 billion. He further cited IMF figures indicating that foreign currency inflows associated with GoldBod totaled US$10.9 billion, with the Bank of Ghana selling US$10.6 billion back into the local market. Dr Adam emphasized that this intervention functioned more as a foreign exchange maneuver than a reserve-building initiative.\n\nWhile acknowledging that foreign exchange intervention could be a valid policy move, Dr Amin Adam contended that it diverged from the objectives outlined in the legislation that established GoldBod. He called for enhanced transparency regarding the programme's declared goals, expenses, and its true impact on Ghana's reserves.",
  "summary": "Karaga MP and former Finance Minister, Dr Mohammed Amin Adam, has disputed claims that Ghana’s gold purchase programme was responsible for a significant increase in the country’s foreign exchange reserves.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 5,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "Amin Adam challenges GoldBod’s GH¢5.45bn surplus",
        "url": "https://urgent.news/2026/09/01/amin-adam-challenges-goldbods-gh-5-45bn-surplus",
        "published": "2026-09-01T11:18:41.000Z"
      },
      {
        "outlet": "3News",
        "title": "Gold purchase programme failed to deliver the expected financial benefits - Amin Adams",
        "url": "https://urgent.news/2026/09/01/gold-purchase-programme-failed-to-deliver-the-expected-financial",
        "published": "2026-09-01T12:33:24.000Z"
      },
      {
        "outlet": "Adom Online",
        "title": "Amin Adam challenges GoldBod’s GH¢5.45bn surplus",
        "url": "https://urgent.news/2026/09/01/amin-adam-challenges-goldbods-gh-5-45bn-surplus-4859958",
        "published": "2026-09-01T12:44:15.000Z"
      },
      {
        "outlet": "Starr FM",
        "title": "GoldBod losses: We demand answers, not insults – Amin Adam",
        "url": "https://urgent.news/2026/09/01/goldbod-losses-we-demand-answers-not-insults-amin-adam",
        "published": "2026-09-01T13:02:46.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}