Former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, has reiterated the New Patriotic Party’s (NPP) demand for full disclosure and accountability over reported losses associated with Ghana’s gold trading programme.
Addressing a press conference today, Dr Amin Adam said the NPP’s concerns were based on figures contained in the International Monetary Fund’s Country Report 2026/212, the audited 2025 accounts of the Bank of Ghana and the Ghana Gold Board (GoldBod), as well as data published by state institutions.
He said the party was seeking answers and supporting documents rather than engaging in political attacks, insisting that several of the documents being requested already exist and are required by law to be made public.
“We are asking for documents that already exist, several of which the law already requires to be public,” Dr Amin Adam said.
A major issue, he said, was the apparent difference between the approximately GH¢22 billion economic cost of the programme cited by the IMF and the GH¢9.05 billion loss reported by the Bank of Ghana. He therefore called for a formal reconciliation of the various figures by the institutions involved.
“A signed reconciliation from the Bank of Ghana, GoldBod and the Finance Ministry showing exactly how the GH¢22 billion, GH¢9.05 billion and GH¢5.45 billion figures connect,” was among the demands, he said.
Dr Amin Adam also questioned GoldBod’s reported GH¢5.45 billion surplus for 2025, arguing that GH¢4.54 billion of the amount represented a government capital injection rather than income generated from operations. He said the distinction needed to be clearly explained.
“It cannot be capital when that is convenient and revenue when there is something to celebrate,” he said.
The former Finance Minister further demanded the disclosure of the identities of foreign buyers who purchased Ghana’s gold, alongside the discounts and other commercial terms under which the transactions were conducted.
He said such information was important given the substantial increase in international gold prices during 2025. According to him, gold prices rose by 62.9 per cent during the year, yet the IMF estimated that the programme lost about 17 per cent of the value of the raw gold sold by the Bank of Ghana.
“Ghana bought gold, sold gold, and lost money, in the best gold market in 50 years,” Dr Amin Adam said.
He also called for clarity on the legal basis for GoldBod’s fees, the agreement governing the use of Bank of Ghana funds for the programme and the quarterly reports required under the Ghana Gold Board Act.
Dr Amin Adam said the NPP supported a full parliamentary inquiry into the programme, noting that the Speaker of Parliament had already admitted a motion seeking such an investigation.
He welcomed the Bank of Ghana’s decision to stop pre-financing gold purchases from July 1, 2026, but stressed that correcting the system going forward should not replace an explanation of what happened during 2025.
“The correction is welcome. The accounting is still owed, and we will keep asking for it until the people of Ghana are given it,” he said.
