- BY Daniel Bampoe
The New Patriotic Party (NPP) has intensified its scrutiny of Ghana’s gold purchasing programme, with former Finance Minister and Karaga Member of Parliament, Dr Mohammed Amin Adam, calling for the immediate removal of Bank of Ghana (BoG) Governor Dr Johnson Asiama from the Board of the Ghana Gold Board (GoldBod).
Dr Amin Adam argues that the Governor’s continued presence on the GoldBod board creates a potential conflict of interest, particularly because the Bank of Ghana has been involved in financing the gold purchase programme while also recording financial losses associated with the arrangement.
According to the former Finance Minister, it is difficult to reconcile the BoG’s dual position as both a financier of GoldBod’s gold purchases and an institution whose finances are affected by the performance of the programme.
His argument centres on the relationship between the two institutions. He questioned why the central bank should continue financing GoldBod while the Bank itself is reportedly absorbing losses from the programme operated by the gold-trading institution.
“You cannot be lending to GoldBod when your own institution, the Bank of Ghana, is making losses from the programme being handled by GoldBod, and still be lending to it,” Dr Amin Adam said.
He consequently called for the Governor’s removal from the GoldBod board, arguing that the arrangement could undermine the independence and effectiveness of oversight.
“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” he demanded.
GH¢22bn gold programme controversy
The demand comes amid a broader NPP campaign for greater transparency surrounding the financial operations of Ghana’s gold purchase programme.
The opposition party has raised questions following an IMF assessment that the programme carried an economic cost of approximately GH¢22 billion in 2025. The NPP says the figure must be properly reconciled with the financial results reported separately by the Bank of Ghana and GoldBod.
The party has argued that the figures associated with the programme tell different parts of the same financial story and wants the government and the relevant institutions to provide a comprehensive explanation of how the transactions were structured, financed and accounted for.
Dr Amin Adam has therefore called for the publication and reconciliation of the relevant figures so that Ghanaians can determine the actual financial outcome of the programme.
NPP demands names of foreign gold buyers
The former Finance Minister has also widened the scope of his demands by calling for the identities of the foreign companies and entities that purchased the gold to be made public.
He wants details of the discounts granted to foreign buyers and the commercial terms under which the gold was sold.
