Karaga Member of Parliament and former Finance Minister Mohammed Amin Adam has called for the removal of the Governor of the Bank of Ghana from the board of the Ghana Gold Board (GoldBod), citing a potential conflict of interest.
Dr Amin Adam said it was inappropriate for the central bank governor to sit on the board of an institution whose gold purchasing programme is financed by the Bank of Ghana while the central bank 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,” he said at an NPP press conference on Tuesday.
He argued that the Governor’s position on the GoldBod board raised concerns about the independence of oversight, given the Bank of Ghana’s dual role as financier of the programme and an institution affected by its financial performance.
“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” Dr Amin Adam said.
His comments come amid growing opposition concerns over GoldBod’s gold purchasing programme following an assessment by the International Monetary Fund that the programme carried an economic cost of about GH¢22 billion in 2025.
Dr Amin Adam called for figures from the IMF, Bank of Ghana and GoldBod to be reconciled and made public to provide clarity on the programme’s financial performance.
He also demanded the disclosure of the identities of foreign buyers of Ghana’s gold, as well as the discounts granted and commercial terms under which the gold was sold.
The former Finance Minister welcomed the Bank of Ghana’s decision to end the pre-financing of gold purchases from July 1, 2026, but said the move did not resolve questions surrounding losses already incurred under the programme.
He said the NPP would continue to demand answers and support a full parliamentary inquiry into GoldBod’s operations.
Dr Amin Adam said such an inquiry was necessary to ensure transparency and accountability in the management of public funds.
