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 financial losses linked to Ghana’s gold trading programme.
Speaking at a press conference, Dr Amin Adam said the NPP’s concerns were based on figures contained in the 2026 IMF Country Report, the audited 2025 financial statements of the Bank of Ghana (BoG) and the Ghana Gold Board (GoldBod), as well as other information released by state institutions.
He stressed that the party was seeking clarification and supporting documentation rather than engaging in political attacks.
“We are asking for documents that already exist, several of which the law already requires to be public,” he said.
NPP questions differing figures
A major concern raised by the former Finance Minister is 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.
Dr Amin Adam called for a formal reconciliation from the relevant institutions explaining how the various figures relate to one another.
Among the documents demanded is a signed reconciliation from the Bank of Ghana, GoldBod and the Ministry of Finance showing how the GH¢22 billion, GH¢9.05 billion and GH¢5.45 billion figures were derived and connected.
He also questioned GoldBod’s reported GH¢5.45 billion surplus for 2025, arguing that approximately GH¢4.54 billion of the amount represented a government capital injection rather than income generated from the institution’s commercial operations.
“It cannot be capital when that is convenient and revenue when there is something to celebrate,” he said.
Call for disclosure of gold buyers
Dr Amin Adam further demanded disclosure of the identities of foreign buyers who purchased Ghana’s gold, together with the discounts and other commercial terms attached to the transactions.
He said such information was important, particularly given the significant increase in global gold prices during 2025.
According to him, 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.
The former Finance Minister also wants 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.
NPP backs parliamentary inquiry
Dr Amin Adam said the NPP supports a full parliamentary inquiry into the gold trading programme, noting that the Speaker of Parliament had already admitted a motion seeking an investigation.
He welcomed the Bank of Ghana’s decision to end the pre-financing of gold purchases from July 1, 2026, but argued that the policy change should not replace accountability for the financial outcomes recorded 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.
He maintained that the requested disclosures would enable Parliament and the Ghanaian public to understand how the programme was financed, how the reported losses were calculated and whether the gold trading arrangements delivered value to the country.
