Former Finance Minister Dr Mohammed Amin Adam has demanded the removal of Bank of Ghana (BoG) Governor Dr Johnson Asiama from the Board of the Ghana Gold Board (GoldBod), arguing that his continued presence creates a potential conflict of interest.
Dr Amin Adam said it was inappropriate for the BoG Governor to sit on the board of an institution whose gold purchasing programme is financed by the central bank, particularly when the BoG is also exposed to the financial outcome of the programme.
Speaking at a press briefing on Tuesday, September 1, 2026, he questioned how the central bank could simultaneously finance GoldBod’s operations and have its Governor participate in the governance of the institution.
“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,” he said.
Dr Amin Adam said the arrangement raised broader concerns about the independence of oversight, given the financial relationship between the two institutions.
“Remove the Governor of the Bank of Ghana from GoldBod’s board, since his own institution funds the programme,” he demanded.
His call comes amid renewed scrutiny of the financial performance of the Domestic Gold Purchase Programme, following reported differences in the figures attributed to the programme.
The former Finance Minister said the reported figures from the International Monetary Fund (IMF), the BoG and GoldBod should be reconciled to establish the actual financial cost of the programme.
He also questioned the appropriateness of the BoG’s financing arrangement with GoldBod, particularly in light of the scale of transactions between the two institutions.
“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 further called for greater disclosure of the commercial arrangements surrounding Ghana’s gold purchases and sales, including information on foreign buyers and the terms under which gold was sold.
He said removing the BoG Governor from the GoldBod Board would help address concerns about oversight and potential conflicts arising from the central bank’s dual role as financier and an institution affected by the programme’s financial performance.
The former Finance Minister also backed calls for a parliamentary inquiry into the gold purchase programme, saying such an investigation would help establish the facts and strengthen accountability in the management of public resources.
