Minority accuses BoG of illegally funding GoldBod operations

Former Finance Minister Dr. Mohammed Amin Adam has accused the Bank of Ghana (BoG) of printing money to pre-finance the operations of the newly established Ghana Gold Board (GoldBod), in violation of IMF programme rules.

At a press conference on Tuesday, July 29, Dr. Amin Adam claimed that the government failed to provide the $279 million it allocated to GoldBod in the 2025 budget and has instead relied on the central bank to fund its activities.

“Despite all the hype and even fast-tracking the GoldBod Bill through a certificate of urgency, not a single dollar of the allocated $279 million revolving fund has been released by the Finance Ministry,” he stated.

“GoldBod’s gold purchases are currently being financed by the Bank of Ghana, this is monetary financing, plain and simple.”

He emphasised that such actions violate the terms of Ghana’s IMF programme, which prohibits central bank financing of government operations.

“Printing money to support public spending not only breaches our commitments to the IMF, it also risks stoking inflation and undermining economic recovery,” he warned.

The Bank of Ghana, however, responded earlier this month with a press release denying any unauthorised monetary financing.

The central bank maintained that all funding was done in accordance with the law and parliamentary approvals, and reiterated its commitment to monetary discipline.

Dr. Amin Adam’s remarks add to growing criticism from the Minority, who argue that the government is taking credit for economic gains set in motion under the previous New Patriotic Party (NPP) administration.

He welcomed the recent Fitch upgrade of Ghana’s sovereign credit rating from “Restricted Default” to “B−” with a stable outlook, but urged the NDC government to acknowledge that the improvement reflects policies and debt restructuring efforts initiated before the change in leadership.