Former Finance Minister Dr. Mohammed Amin Adam has raised fresh doubts about claims that the Bank of Ghana incurred GH¢3.8 billion in losses under the Gold for Reserves programme in 2024, accusing the central bank’s leadership of failing to back the assertion with evidence.
Reacting to proceedings at the Public Accounts Committee (PAC), Dr. Amin Adam said the Governor of the Bank of Ghana, Dr. Johnson Asiama, appeared unable to justify the figures when questioned. In a Facebook post, the former minister described the situation as concerning, arguing that such a significant claim should be supported by clear documentation and readily available data.
He further pointed out that the alleged losses were absent from the Bank of Ghana’s 2024 published financial statements, a development he said undermines the credibility of the claim. According to him, it is inconsistent for losses of that magnitude to go unreported in official accounts while being publicly cited by the Governor.
Dr. Amin Adam also expressed concern about Ghana’s engagement with the International Monetary Fund (IMF), noting that the same losses were not reflected in reports submitted for programme reviews. He questioned whether this omission amounted to inaccurate reporting, warning that misreporting under an IMF-supported programme carries serious implications.
In his comments, the former finance minister suggested that the controversy reflects broader issues of transparency and independence at the central bank. He argued that the conduct of the Governor gives the impression of political bias rather than the neutrality expected of the head of the country’s apex bank, and called for stronger oversight of the Bank of Ghana’s operations.
