Former Finance Minister Dr Mohammed Amin Adam has cast doubt on claims by the Bank of Ghana (BoG) of a GH¢3.8 billion loss under the Gold for Reserves programme in 2024.
Commenting on the recent Public Accounts Committee hearing, Dr Amin Adam said the BoG Governor, Dr Johnson Asiama, failed to provide supporting documents or evidence for the alleged losses. He described the situation as “mind-boggling” and “bizarre,” noting that the losses were not reflected in the bank’s 2024 published financial statements.
Dr Amin Adam also raised questions about reporting to the International Monetary Fund (IMF), arguing that if the losses were real, they should have been included under the Extended Credit Facility review. “Why the IMF never highlighted this in all its review reports except the $214 million losses in 2025 clearly shows BoG has more questions than answers,” he said.
He added that potential misreporting to the IMF is a serious concern that could undermine Ghana’s credibility under the programme.
The former Finance Minister concluded by asserting the Governor’s lack of independence: “I have always said that this BoG Governor is a partisan politician, not an independent Central Bank Governor.”