Amin Adam demands BoG governor’s removal from GoldBod board over alleged conflict
The former finance minister says the Bank of Ghana governor should not help oversee GoldBod while the central bank finances its gold purchases and reportedly bears costs associated with the programme.
Former Finance Minister Dr Mohammed Amin Adam has called for the removal of the Governor of the Bank of Ghana from the Ghana Gold Board, alleging that the governor’s position on the board creates a conflict of interest.
The Karaga MP argued that the central bank could not independently oversee GoldBod while financing its gold-purchasing programme and reportedly absorbing losses associated with it.
Speaking at a press conference on Tuesday, September 1, Dr Amin Adam said the governor’s position raised questions about the independence of the programme’s oversight.
“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.
“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme.”
The former minister did not, in the material supplied, identify any specific decision in which the governor’s board membership had compromised oversight. His argument centres on the institutional roles of the Bank of Ghana as both a financier of the programme and an institution allegedly affected by its financial performance.
The source material also does not include responses from the Bank of Ghana, its governor or GoldBod to the conflict-of-interest allegation.
Call for financial reconciliation
Dr Amin Adam’s demand forms part of the opposition New Patriotic Party’s wider challenge to the management and financial reporting of Ghana’s gold-purchasing programme.
He cited an assessment attributed to the International Monetary Fund which placed the programme’s economic cost in 2025 at about GH¢22 billion.
The former finance minister called for the figures reported by the IMF, the Bank of Ghana and GoldBod to be reconciled, saying Ghanaians needed a clear account of the programme’s financial performance.
The supplied material does not provide the individual figures attributed to the Bank of Ghana and GoldBod or explain the accounting methods behind them.
It is therefore not possible from the information available to determine whether the figures measure the same costs, periods or transactions.
Dr Amin Adam also demanded the disclosure of the identities of GoldBod’s foreign buyers, any discounts they received and the commercial terms under which Ghana’s gold was sold.
He said releasing the information would promote transparency and accountability in the management of public funds.
Parliamentary inquiry proposed
Dr Amin Adam welcomed the Bank of Ghana’s decision to stop pre-financing gold purchases from July 1 2026.
He maintained, however, that ending the arrangement did not settle questions about losses allegedly incurred before the policy change.
The MP said the NPP would continue seeking answers and support a full parliamentary inquiry into the programme.
Such an inquiry could examine the financing arrangements, reconcile the competing financial figures and scrutinise the terms governing the sale of Ghana’s gold. The supplied material does not indicate whether Parliament has formally received or approved a request to open one.
GoldBod and the Bank of Ghana have not been quoted responding to the latest demands. Their responses would be necessary to establish whether they accept the figures cited by Dr Amin Adam and whether they consider the governor’s board position to present a conflict.