Former Finance Minister and Karaga MP, 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.
Dr Amin Adam made the demand at an NPP press briefing on Tuesday, September 1, 2026, as the opposition intensified its scrutiny of the government’s domestic gold-purchasing programme.
He questioned the appropriateness of the BoG Governor sitting on GoldBod’s board while the central bank is also involved in financing the institution’s gold-purchasing operations.
“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.
GH¢133bn financing questioned
A major concern raised by the former Finance Minister is the reported GH¢133 billion advanced through the Bank of Ghana for gold purchases in 2025.
Dr Amin Adam questioned the terms governing the relationship between the two institutions and demanded the publication of the agreement covering the transfer of the funds.
GoldBod, however, has previously explained that its role under the Domestic Gold Purchase Programme was primarily to purchase and aggregate gold on behalf of the Bank of Ghana.
GoldBod CEO Sammy Gyamfi said in August that GoldBod had accounted for approximately GH¢133 billion advanced to it for gold purchases in 2025, while the institution did not determine the subsequent selling prices or negotiate the off-take agreements.
Dispute over GoldBod’s GH¢5.45bn surplus
The controversy also centres on GoldBod’s reported GH¢5.45 billion surplus for 2025.
GoldBod’s published financial results showed total revenue of about GH¢5.55 billion and expenditure of GH¢109.38 million, resulting in the reported surplus.
Dr Amin Adam has challenged that presentation, arguing that GH¢4.54 billion of the reported surplus represented government capital injected into GoldBod on December 30, 2025.
He has called for GoldBod’s 2025 accounts to be restated to remove the capital injection from revenue.
GoldBod has separately maintained that its financial performance should not be conflated with losses recorded by the Bank of Ghana under the broader Domestic Gold Purchase Programme. Its CEO has said GoldBod acted as a buying agent and was not responsible for subsequent sales or off-take arrangements.
Questions over reported gold-programme losses
Dr Amin Adam also wants the government to reconcile different figures associated with the programme.
The Bank of Ghana has reported a GH¢9.05 billion net loss, while the IMF has been cited in recent political debate as estimating the broader economic cost of the programme at about GH¢22 billion. GoldBod, meanwhile, reported its own GH¢5.45 billion surplus for 2025.
The former Finance Minister argues that the differences require a comprehensive explanation from the Bank of Ghana, GoldBod and the Ministry of Finance.
He has also demanded disclosure of the identities of foreign buyers, discounts granted and the commercial terms under which Ghana’s gold was sold.
Call for parliamentary inquiry
Dr Amin Adam is backing calls for a full parliamentary inquiry into the gold programme, saying greater disclosure is necessary to establish the true financial outcome and determine whether Ghana received fair value from its gold exports.
The dispute therefore goes beyond the composition of the GoldBod board, with opposition figures demanding greater transparency over the financing, accounting and sale of gold under the programme.
For now, the demand to remove the BoG Governor from the GoldBod board remains a call by Dr Amin Adam and the NPP, rather than an announced government decision.
