We demand removal of BoG Governor from GoldBod’s board – Amin Adam

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 continued membership creates a potential conflict of interest.

Dr Amin Adam made the demand at a press conference on Tuesday, September 1, 2026, as the opposition New Patriotic Party (NPP) intensified its scrutiny of the government’s gold purchase programme.

According to the former Finance Minister, it is inappropriate for the BoG Governor to serve on the board of an institution whose gold purchasing programme is financed by the central bank, particularly when the Bank of Ghana is also exposed to financial losses arising from the programme.

Dr Amin Adam argued that the arrangement raises questions about the independence and effectiveness of oversight because the Bank of Ghana is both a financier of the programme and an institution affected by its financial performance.

“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.

He therefore called for the immediate removal of the Governor from the GoldBod board.

“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” Dr Amin Adam demanded.

He maintained that separating the central bank’s financing role from GoldBod’s governance structure would help strengthen transparency and accountability in the management of the programme.

Dr Amin Adam’s comments form part of broader concerns raised by the NPP about the financial implications of the government’s gold purchase programme.

He referred to an assessment by the International Monetary Fund (IMF), which he said put the economic cost of the programme at approximately GH¢22 billion in 2025.

The former Finance Minister argued that the figures and explanations provided by the IMF, the Bank of Ghana and GoldBod should be reconciled to give the public a clear and consistent account of the programme’s financial performance.

He said Ghanaians deserved greater clarity on the amount of money involved, the financing arrangements and the financial outcome of the gold purchasing initiative.

Dr Amin Adam also demanded the disclosure of the identities of foreign buyers who purchased Ghana’s gold under the programme.

He called for information on the discounts granted to buyers and the commercial terms under which the gold was sold.

According to him, disclosure of such information would allow Parliament and the public to properly assess whether the country received fair value from its gold exports.

He insisted that transparency around the programme was necessary, particularly given the reported financial costs associated with its operations.

The former Finance Minister welcomed the Bank of Ghana’s decision to stop pre-financing gold purchases from July 1, 2026.

However, he argued that ending the pre-financing arrangement does not resolve questions surrounding losses already incurred under the programme.

He maintained that there must still be a full accounting of the financial implications of the previous financing arrangements and how the reported losses arose.

Dr Amin Adam said the NPP would continue to demand answers from the government and support calls for a full parliamentary inquiry into the gold purchase programme.

He said the objective was not simply to criticise the programme but to ensure transparency and accountability in the management of public resources.

The former Finance Minister maintained that Parliament must have access to sufficient information to determine whether the programme has delivered value to the Ghanaian taxpayer and whether appropriate safeguards were in place to manage the associated financial risks.

His call for the removal of the BoG Governor from the GoldBod board is therefore likely to add further pressure on the government to explain the governance and financing structure of the gold purchase programme.