Amin Adam calls for removal of BoG Governor from GoldBod board

Former Finance Minister Dr Mohammed Amin Adam has called for the removal of Bank of Ghana (BoG) Governor Dr Johnson Asiama from the Board of the Ghana Gold Board (GoldBod), citing concerns over the central bank’s financial relationship with the gold-buying institution.

Speaking at a press briefing on Tuesday, September 1, Dr Amin Adam questioned the appropriateness of the BoG Governor serving on the GoldBod Board while the central bank is also financing the institution’s operations.

He argued that the arrangement raises questions about the independence of the central bank, particularly in view of the scale of financial transactions between the two institutions.

“If a so-called independent institution and a government institution are to go into a deal amounting to GH¢133 billion, where is the agreement that defines that relationship? What are the terms?” he asked.

Dr Amin Adam also questioned whether the BoG was fully aware that the transactions could result in financial losses, given its knowledge of the prices at which gold was purchased and subsequently sold.

Against this backdrop, he called for Dr Asiama to be removed from the GoldBod Board to prevent any potential conflict of interest.

“We are asking for the removal of the Governor of the Bank of Ghana from the Board of GoldBod because his institution has been funding GoldBod and he has been sitting on the board while GoldBod operations create losses for this country,” he said.

The former Finance Minister further called for the publication of key documents relating to GoldBod’s operations. These include the Legislative Instrument authorising GoldBod’s fees and the restated 2025 financial statements, which he said should exclude the GH¢4.54 billion government capital injection from revenue.

Dr Amin Adam also supported calls for a full parliamentary inquiry into the reported financial losses involving GoldBod.

He pointed to what he described as significant discrepancies in the figures reported by different institutions, citing a GH¢22 billion loss reportedly communicated to the International Monetary Fund (IMF), a GH¢9.05 billion loss reported by the Bank of Ghana, and a GH¢5.45 billion surplus reported by GoldBod.

He said the conflicting figures warranted further scrutiny and greater transparency to establish the true financial position of GoldBod and the nature of its transactions with the central bank.