Former Finance Minister and member of the New Patriotic Party, Dr Mohammed Amin Adam, has questioned whether the Ghana Gold Board (GoldBod) has the legal authority to sell and auction foreign currency.
Speaking at a press briefing on Tuesday, September 1, 2026, Dr Amin Adam said the GoldBod Act does not give the institution the power to operate as a forex bureau.
He claimed that GoldBod appears to be carrying out foreign exchange transactions without a licence from the Bank of Ghana (BoG).
Dr Amin Adam called on the BoG to explain the legal basis for GoldBod’s forex operations and clarify whether the institution has been licensed to undertake such transactions.
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“GoldBod now appears to be operating a forex bureau. They are running foreign exchange sales and foreign exchange auctions. But the Ghana Gold Board Act gives it no such mandate,” he said.
He also raised concerns about recent changes to the financing of the gold purchasing programme.
He questioned the decision to allow foreign buyers to provide money in advance for gold purchases, arguing that the arrangement could lead to larger discounts and increase losses under the programme.
He also raised concerns about the use of commercial banks to finance gold purchases. According to him, such financing would come with interest and guarantee costs, unlike the previous arrangement with the BoG.
The former Finance Minister further called for clarity on the different figures reported on the financial performance of the gold purchasing programme.
He wants authorities to explain how the GH¢22 billion in losses reported to the IMF, the GH¢9.05 billion in losses reported in the BoG’s audited accounts, and the GH¢5.45 billion surplus reported by GoldBod are connected.
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“We want to know how do they connect? Because it is all about the same transactions,” he said.
Dr Amin Adam said the different figures must be clearly explained to establish the actual financial position of the gold purchasing programme.
GoldBod has no mandate to trade in forex - NPP on announced $1.3 bn generated from forex#JoyNews pic.twitter.com/4WhljCJL8v
— JoyNews (@JoyNewsOnTV) September 1, 2026 DR/MA