Former Finance Minister Dr Mohammed Amin Adams has questioned the legal basis upon which the Ghana Gold Board (GoldBod) is allegedly engaging in foreign exchange sales and auctions.
He said the Ghana Gold Board Act does not give the institution a mandate to operate as a foreign exchange bureau or conduct forex trading.
Dr Amin Adams has therefore challenged the Bank of Ghana (BoG) to explain the authority under which GoldBod is allegedly conducting such operations.
Speaking at a press conference organised by the NPP Policy Coordinating Committee on Finance and Economy in Accra on Tuesday, September 1, he said GoldBod does not hold a licence from the central bank to trade in foreign exchange.
“Gold Board now appears to be operating a forex bureau. They are running foreign exchange sales and foreign exchange auctions, but the Ghana Gold Board Act gives it no such mandate, and Gold Board holds no licence from the Bank of Ghana to deal in forex trading,” he said.
Dr Amin Adams also questioned claims that the government’s gold purchasing programme had significantly strengthened Ghana’s foreign exchange reserves.
He said available figures showed that Ghana’s physical gold reserves declined from 30.5 tonnes at the end of 2024 to 18.6 tonnes by the end of 2025, representing a reduction of 11.9 tonnes.
According to him, the value of gold reserves increased from $2.6222 billion at the end of 2024 to $2.6831 billion at the end of 2025, a difference of $60.9 million.
The Karaga MP argued that the figures did not support claims that the programme was responsible for a significant increase in Ghana’s reserves.
“Gold contributed just 1.3 percent of the $4.716 billion increase in reserves between 2024 and 2025,” he stated.
