Former Finance Minister and Karaga MP, 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), citing a potential conflict of interest.
According to Dr Amin Adam, it is inappropriate for the BoG Governor to serve on the board of an institution implementing a gold purchase programme financed by the central bank, while the BoG is also recording losses associated with the same programme.
Speaking at a press conference on Tuesday, September 1, he questioned how the Bank of Ghana could continue financing GoldBod’s gold purchases while simultaneously bearing financial losses from the programme.
“You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod,” he said.
Dr Amin Adam argued that the BoG Governor’s position on the GoldBod board raises concerns about the independence of oversight, particularly because the central bank is both financing the programme and being affected by its financial performance.
He therefore called for the Governor to be removed from the GoldBod board, insisting that the institution financing the programme should not have its Governor directly involved in its oversight.
The former Finance Minister’s comments form part of broader concerns raised by the New Patriotic Party (NPP) over the government’s gold purchase programme.
He further cited an assessment by the International Monetary Fund (IMF) which reportedly estimated that the programme incurred an economic cost of about GH¢22 billion in 2025.
Dr Amin Adam said figures from the IMF, the Bank of Ghana and GoldBod should be reconciled to provide Ghanaians with a clearer picture of the programme’s financial performance.
Source: Ghana/otecfmghana.com/Doreen Tandoh
