Concerns have emerged following the Public Accounts Committee’s hearing into the operations of the Bank of Ghana (BoG), with former Finance Minister Amin Adam questioning the credibility of claims surrounding alleged losses under the Gold for Reserves Programme.
In a Facebook post, Amin Adam described as “mind-boggling” the BoG Governor’s inability to readily provide documentation or detailed explanations on a reported GH₵3.8 billion loss said to have been incurred under the programme in 2024, when queried by the Chair of the Public Accounts Committee.
He further expressed concern that if such losses were indeed incurred, they were not reflected in the Bank of Ghana’s published 2024 financial statements, yet were publicly referenced by the Governor.
According to the former minister, this contradiction raises serious questions about the accuracy and consistency of the central bank’s disclosures.
Amin Adam also noted that data on such losses would ordinarily form part of information submitted to the International Monetary Fund (IMF) under the Extended Credit Facility (ECF) programme.
He questioned why IMF review reports made no reference to the alleged 2024 losses, while only highlighting reported losses of $214 million in 2025.
“This situation leaves more questions than answers,” he argued, suggesting the possibility of misreporting, which he stressed would constitute a serious breach under an IMF-supported programme.
The former minister concluded by reiterating his long-held view that the current BoG Governor operates more as a partisan political actor than as an independent head of the central bank.
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