Karaga Member of Parliament and former Finance Minister, Dr. Mohammed Amin Adam, has called for the removal of the Governor of the Bank of Ghana (BoG) from the Board of the Ghana Gold Board (GoldBod), arguing that his membership creates a conflict of interest.
Speaking at a press conference on Tuesday, September 1, Dr. Amin Adam said it was inappropriate for the BoG Governor to serve on the board of an institution whose gold purchase programme is financed by the central bank, especially when the BoG is also recording losses linked to the programme.
“You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod, and still be lending to it,” Dr. Amin Adam said.
He said the Governor’s position on the GoldBod board raises concerns about the independence of oversight, since the BoG is both financing the programme and being affected by its financial performance.
“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” he demanded.
His comments come amid growing concerns from the New Patriotic Party (NPP) over the gold purchase programme, following an International Monetary Fund (IMF) assessment that the programme incurred an economic cost of about GH¢22 billion in 2025.
Dr. Amin Adam called for the figures reported by the IMF, the BoG and GoldBod to be reconciled to provide Ghanaians with a clear picture of the programme’s financial performance.
He also demanded the disclosure of the identities of foreign buyers, discounts granted to them and the commercial terms under which Ghana’s gold was sold.
The former Finance Minister welcomed the BoG’s decision to stop pre-financing gold purchases from July 1, 2026, but said the move did not eliminate the need to account for losses already incurred.
He said the NPP would continue to demand answers and support a full parliamentary inquiry into the programme, stressing that the matter is ultimately about transparency and accountability in the management of public funds.
