Ghana’s opposition New Patriotic Party (NPP) demands full disclosure and accountability for reported losses in the nation’s gold trading programme. Former Finance Minister Dr. Mohammed Amin Adam stated this at a press conference today. The NPP’s concerns stem from figures in the International Monetary Fund’s 2026/212 Country Report and audited 2025 accounts of the Bank of Ghana and Ghana Gold Board (GoldBod).
A major issue highlighted is the significant difference between the approximately GHS 22 billion economic cost cited by the IMF and the GHS 9.05 billion loss reported by the Bank of Ghana. Dr. Amin Adam called for a formal reconciliation of these varying figures. He also questioned GoldBod’s reported GHS 5.45 billion surplus for 2025, arguing that GHS 4.54 billion of this amount was a government capital injection, not operational income. This distinction requires clear explanation.
This demand for transparency comes amidst broader economic scrutiny in Ghana, particularly concerning public finance management. The nation has been navigating economic challenges, making prudent management of its natural resources, like gold, crucial. Previous discussions around resource revenue management have often emphasized the need for clear reporting and accountability to build public trust and ensure optimal national benefit. The discrepancies cited by the NPP could impact Ghana's fiscal health and international financial standing.
“We are asking for documents that already exist, several of which the law already requires to be public,” Dr. Amin Adam stated. He emphasized the need for a signed reconciliation from the Bank of Ghana, GoldBod, and the Finance Ministry. This reconciliation should clearly connect the GHS 22 billion, GHS 9.05 billion, and GHS 5.45 billion figures. He also demanded disclosure of foreign gold buyers’ identities and commercial terms, including discounts.
The NPP’s demands imply increased pressure on the government and financial institutions for greater transparency. Decision-makers and markets will closely watch how these institutions respond to calls for reconciliation and disclosure. A parliamentary inquiry into the programme, which the Speaker of Parliament has already admitted a motion for, could follow. The Bank of Ghana’s decision to stop pre-financing gold purchases from July 1, 2026, is a welcome step, but it does not replace the need for accountability for past actions.
Dr. Amin Adam noted that international gold prices rose by 62.9% during 2025. Despite this, the IMF estimated the programme lost about 17% of the value of 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 remarked. He also sought clarity on GoldBod’s fees and the legal basis for using Bank of Ghana funds for the programme. The NPP supports a full parliamentary inquiry to ensure comprehensive oversight.
The former Finance Minister further called for the quarterly reports required under the Ghana Gold Board Act to be made public. He stressed that while correcting the system going forward is important, it should not overshadow the need for a full explanation of what transpired in 2025. The NPP remains committed to pursuing these answers until the people of Ghana receive them. This ongoing scrutiny aims to safeguard national assets and ensure responsible governance.