Former Finance Minister Dr. Mohammed Amin Adam has alleged that the Bank of Ghana (BoG) is pre-financing the operations of the Ghana Gold Board (GoldBod) due to the government’s failure to release funds allocated in the 2025 budget.
Speaking at a press conference on Tuesday, Dr. Amin Adam said the government earmarked US$279 million for GoldBod—a statutory entity established to formalise gold procurement from artisanal and small-scale miners and enhance export traceability.
However, he claimed that not a single dollar of the allocation has been disbursed.
“Even with all the noise they made about the GoldBod, including pushing the GoldBod Bill through a certificate of emergency, the Minister has not released a cent out of the US$279 million allocated as a revolving fund for GoldBod.
“Currently, the Bank of Ghana has been pre-financing the gold purchases. This is a clear case of monetary financing. The IMF programme frowns on monetary financing—printing money to finance government operations,” he stated.
Earlier this month, the BoG released a statement refuting similar claims, insisting that no unauthorised printing of money had taken place. The central bank stressed that all its actions are within the bounds of parliamentary approval and reiterated its commitment to maintaining monetary discipline.
The Karaga MP has, however, warned that such an approach violates the conditions of the IMF support programme and could trigger inflationary pressures, thereby putting Ghana’s economic recovery at risk.
He also weighed in on the ongoing political debate over Ghana’s recent credit rating improvement by Fitch, which upgraded the country from “Restricted Default” to “B−” with a stable outlook.
While acknowledging the positive development, he cautioned the current administration against taking sole credit.
“The upgrade reflects the macroeconomic groundwork laid before the transition of power,” Dr. Amin Adam said, echoing the Minority’s position that the improvement stems from the policies of the previous New Patriotic Party (NPP) administration.
Source: Adomonline.com
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