Dr Mohammed Amin Adam is former Minister of Finance
Former Minister of Finance, Dr Mohammed Amin Adam, has questioned the sincerity of the Bank of Ghana for not providing accurate accounts regarding losses in the operations of the GoldBod under the Gold-for-Reserves Programme.
His concerns follow a Right to Information (RTI) response by the Bank of Ghana to Asempa FM, in which the central bank claimed that the Gold-for-Reserves Programme recorded losses of GH¢3.8 billion in 2024. The RTI request sought details of losses incurred under the policy since its inception, coming on the back of an IMF report that cited losses of $214 million in gold operations by the GoldBod/Bank of Ghana in 2025.
However, when the Governor of the Bank of Ghana, Dr Johnson Asiama, appeared before Parliament’s Public Accounts Committee (PAC), he was unable to readily provide documentation to support the claimed GHS3.84 billion loss for 2024, despite the figure being included in the Bank’s RTI response to Asempa FM.
Reacting to the development, Dr Amin Adam described the situation as troubling, questioning how such a significant loss could be publicly stated without being properly accounted for.
“The Public Accounts hearing on the operations of the Bank of Ghana revealed troubling signs. The inability of the Governor of the Bank to readily provide the necessary information and/or documentation on a supposed GHS3.8 billion loss made under the Gold-for-Reserves Programme in 2024, when asked by the Chair of the Public Accounts Committee, is mind-boggling,” Dr Adam wrote in a post on his Facebook page.
He further pointed out that the alleged loss does not appear in the Bank of Ghana’s 2024 published financial statements, raising further questions about the credibility of the claim.
“The fact that such losses, if they really occurred, were not reported in the 2024 published financial statement of BoG, but the Governor went ahead to peddle such claims, is really bizarre,” he added.
Dr Amin Adam also argued that, under Ghana’s IMF Extended Credit Facility (ECF) programme, the Bank of Ghana was obligated to disclose any such losses to the IMF as part of its data and information-sharing requirements.
According to him, the absence of any reference to the purported 2024 losses in IMF review reports, aside from the reported $214 million loss in 2025, raises serious concerns.
“BoG is supposed to have provided such data on the losses to the IMF under the ECF review as part of its data and information sharing, and why the IMF never highlighted this in all its review reports, except the $214 million losses in 2025, clearly shows BoG has more questions than answers,” he stated.
Dr. Adam questioned whether the situation amounted to misreporting to the IMF, warning that such an act would be a serious breach under the IMF programme.
“Is it that there was misreporting to the IMF? Misreporting is a very serious issue under the IMF programme,” he said.
He concluded by taking a swipe at the central bank’s leadership, insisting that the controversy reinforces his long-held view about the Governor’s independence.
“I have always said that this BoG Governor is a partisan politician, not an independent Central Bank Governor.”
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