Former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, has renewed the New Patriotic Party’s (NPP) call for full disclosure and accountability over reported losses linked to Ghana’s gold trading programme.
Speaking at a press conference, Dr Amin Adam said the party’s concerns were based on figures contained in the International Monetary Fund (IMF) Country Report 2026/212, the audited 2025 financial statements of the Bank of Ghana and the Ghana Gold Board (GoldBod), as well as other data released by state institutions.
He stressed that the NPP was seeking clarification and supporting documentation rather than engaging in political attacks, arguing that many of the documents being requested already exist and are legally required 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 key concern raised by the former Finance Minister was the apparent disparity 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 called on the institutions involved to provide a formal reconciliation explaining how the various figures relate to one another.
“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 the reported GH¢5.45 billion surplus recorded by GoldBod in 2025. He argued that GH¢4.54 billion of that amount represented a government capital injection rather than income generated through the institution’s operations.
He said GoldBod must clearly distinguish between funds injected by government and revenue generated from its commercial activities.
“It cannot be capital when that is convenient and revenue when there is something to celebrate,” he said.
The former Finance Minister further demanded disclosure of the identities of foreign buyers who purchased Ghana’s gold, as well as the discounts and other commercial terms attached to those transactions.
He said such information was necessary, particularly given the significant rise in global gold prices in 2025.
According to Dr Amin Adam, gold prices increased by 62.9 per cent during the year, while 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,” he said.
He also called for clarification on the legal basis for GoldBod’s fees, the agreement governing the use of Bank of Ghana funds to finance the programme and the quarterly reports required under the Ghana Gold Board Act.
Dr Amin Adam said the NPP supports a full parliamentary inquiry into the programme, noting that the Speaker of Parliament had already admitted a motion calling for such an investigation.
He welcomed the Bank of Ghana’s decision to end the pre-financing of gold purchases from July 1, 2026, but maintained that the move should not substitute for a full account of what occurred in 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.
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