Former Finance Minister and Karaga MP, Dr. Mohammed Amin Adam, says Ghana’s gold purchase programme failed to deliver the expected financial benefits despite a sharp increase in international gold prices in 2025.
Speaking at a press conference on Tuesday, September 1, Dr. Amin Adam said gold prices rose by 62.9% during the year, from an average of US$2,395 to US$3,441 per ounce.
He described 2025 as one of the strongest years for gold in decades but said Ghana’s programme still recorded substantial losses.
“This was not the market’s fault,” Dr. Amin Adam said.
He attributed the losses to three main costs associated with the programme: exchange-rate differences, discounts given to foreign buyers and transaction-related fees.
According to him, the Bank of Ghana advanced cedis to GoldBod at the official interbank exchange rate, while GoldBod paid miners at higher rates available through forex bureaus.
“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,” he said.
Dr. Amin Adam also raised concerns about discounts given to foreign buyers. He said Ghana sold gold in October 2025 at US$3,919 per ounce, compared with the global average of US$4,054.
He said the price difference amounted to a high financial cost to the country.
“A discount to foreign buyers… is money that never reached Ghana,” he said.
He further criticised the 0.5% service fee and 0.258% assay fee charged on the full value of transactions.
