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), arguing that his position creates a potential conflict of interest given the central bank’s financial relationship with the state-owned 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 involved in financing GoldBod’s operations.
He argued that the arrangement raises questions about the independence and governance of the two institutions, particularly in view of the scale of transactions between them.
“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 Bank of Ghana was fully aware of the potential losses arising from the transactions, given its knowledge of the prices at which gold was purchased and subsequently sold.
He said the Governor’s continued presence on the GoldBod Board could compromise the ability of the central bank to independently scrutinise the institution’s operations and financial performance.
“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.
Beyond the issue of the BoG Governor’s role, Dr Amin Adam called for the publication of key documents relating to GoldBod’s operations and financial position.
He specifically demanded the release of the legislative instrument authorising GoldBod’s fees, as well as restated 2025 financial accounts that exclude the GH¢4.54 billion government capital injection from revenue.
According to him, making the relevant documents public would allow Parliament, financial experts and the Ghanaian public to independently assess the institution’s financial performance and the basis for the reported figures.
Dr Amin Adam also renewed calls for a full parliamentary inquiry into the reported financial losses associated with GoldBod’s operations.
He pointed to what he described as significant discrepancies in the financial figures reported by different institutions.
He cited 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.
The former Finance Minister argued that the differences require a transparent and independent examination to establish the actual financial position of GoldBod and determine how the figures were calculated.
He said a parliamentary inquiry would provide an opportunity to examine the transactions between GoldBod and the Bank of Ghana, the terms under which financing was provided, the pricing of gold purchases and sales, and the accounting treatment applied to the transactions.
The demands are likely to intensify scrutiny of GoldBod, particularly as the institution plays a growing role in Ghana’s gold-trading sector and in the country’s efforts to manage foreign exchange and strengthen its reserves.
Dr Amin Adam maintained that greater transparency and accountability are necessary to ensure that GoldBod’s operations serve the national interest and do not expose the state to avoidable financial risks.
Source: Wesleyannews.com
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