Former Minister of Finance Dr Mohammed Amin Adam
The former Minister of Finance Dr Mohammed Amin Adam has accused the Bank of Ghana (BoG) of engaging in monetary financing by printing money to pre-finance operations of the newly established Ghana Gold Board (GoldBod).
Speaking at a press briefing on July 29, 2025, Dr Amin Adam alleged that the central bank stepped in to fund GoldBod’s gold purchases because the government failed to provide the necessary budgetary support.
He cited that under the 2025 national budget, some US$279 million was allocated to GoldBod, which is the statutory agency tasked with formalising gold procurement from artisanal and small-scale miners and supporting traceability in gold exports.
“Even with all the noise they made about the GoldBod, including pushing the GoldBod Bill through a certificate of emergency, the Minister has not released a cent out of the $279 million that he allocated as a revolving fund for GoldBod,” Dr Amin Adam said.
“Currently, the Bank of Ghana has been pre-financing the gold purchases. This is a clear case of monetary financing. The IMF programme frowns on monetary financing; printing money, monetary financing of the government,” he claimed.
Meanwhile, the Bank of Ghana has denied the allegation.
In a press statement issued earlier this month, the central bank rejected claims of unauthorised money printing.
The central bank insisted that no funds had been advanced without parliamentary approval and also reaffirmed its commitment to monetary discipline.
Despite the denial, Dr Amin Adam warned that such a financing arrangement, if true, would violate the current IMF program conditions and risk fueling inflationary pressures that could threaten Ghana’s economic recovery.
Dr Amin Adam also criticised the governing NDC for attempting to take credit for the country’s recent credit rating upgrade by Fitch Ratings.
MA
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