By: Franklin ASARE-DONKOH
Former Finance Minister and Member of Parliament (MP) for Karaga Constituency, Dr. Mohammed Amin Adam, has accused the top management of the country’s central bank, the Bank of Ghana (BoG), of printing money to pre-finance the newly established Ghana Gold Board (GoldBod).
According to him, under the 2025 budget, the John Mahama-led government allocated US$279 million to GoldBod, a new statutory entity aimed at formalising gold procurement from artisanal and small-scale miners and supporting export traceability. However, despite this substantial budget allocation, no funds were officially disbursed.
Speaking at a press conference today, Tuesday, July 29, 2025, in Parliament, the Former Finance Minister alleged that BoG stepped in to fund GoldBod’s operations directly.
“Even with all the noise they made about the GoldBod, including pushing the GoldBod Bill through a certificate of emergency, the Minister has not released a cent out of the $279 million he allocated as a revolving fund for GoldBod.
Currently, the Bank of Ghana has been pre-financing the gold purchases. This is a clear case of monetary financing. The IMF programme frowns on monetary financing, printing money, monetary financing of the government,” he said.
Dr. Amin Adam warned that such a financing model violates IMF programme conditions and risks reigniting inflationary pressures that could destabilise Ghana’s fragile economic recovery.
