Remove BoG Governor from GoldBod Board – Dr. Adam Demands

Former Finance Minister Dr Mohammed Amin Adam has called for the removal of the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, from the Board of the Ghana Gold Board (GoldBod).

Dr Amin Adam says the Governor’s position on the GoldBod Board raises concerns about a potential conflict of interest, particularly because the central bank is also involved in financing GoldBod’s operations.

Speaking at a press briefing on Tuesday, September 1, he questioned the appropriateness of the BoG Governor serving on the GoldBod Board while the two institutions engage in financial transactions involving significant amounts of money.

He specifically raised questions about a reported GH¢133 billion transaction between the two institutions, demanding clarity on the agreement and the terms governing the relationship.

“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 aware that the transactions could potentially result in losses, given its knowledge of the prices at which gold was purchased and sold.

Against this background, he called for the removal of Dr Asiama from the GoldBod Board, arguing that his continued membership could compromise the independence of the central bank.

“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.

The former Finance Minister also demanded the publication of key documents relating to GoldBod’s operations, including the Legislative Instrument authorising GoldBod’s fees and the restated 2025 accounts that exclude the GH¢4.54 billion government capital injection from revenue.

He further supported calls for a full parliamentary inquiry into the reported financial discrepancies involving GoldBod.

Dr Amin Adam cited differences between the GH¢22 billion loss reportedly communicated to the International Monetary Fund (IMF), the GH¢9.05 billion loss reported by the Bank of Ghana, and the GH¢5.45 billion surplus reported by GoldBod.

He argued that the discrepancies require further investigation and greater transparency regarding GoldBod’s financial operations.