The Minority in Parliament has accused the Bank of Ghana (BoG) of printing money to pre-finance the activities of the Ghana Gold Board (GoldBod) after the government reportedly failed to disburse allocated funds to the entity.
Former Finance Minister Dr. Mohammed Amin Adam made the allegation during a press conference on July 29, 2025, warning that such actions put the economy at significant risk.
Dr. Amin Adam stated that although the 2025 national budget earmarked US$279 million for GoldBod, a statutory agency established to formalize gold procurement from artisanal and small-scale miners and improve export traceability, the government has yet to release any portion of this substantial sum.
“Even with all the noise made about GoldBod, including pushing the GoldBod Bill through a certificate of emergency, the Minister has not released a cent out of the $279 million allocated as a revolving fund for GoldBod,” he asserted.
He further revealed that, in the absence of government funds, the Bank of Ghana has been stepping in to finance GoldBod’s gold purchases. Dr. Amin Adam characterized this as a clear case of monetary financing, which involves the central bank printing money to fund government operations.
He stated, “Currently, the bank of Ghana has been pre-financing the gold purchases and this is a clear case of monetary financing.”
He emphasized that such monetary financing is frowned upon under the International Monetary Fund (IMF) programme, which Ghana is currently adhering to.
“This is monetary financing, the IMF program frowns on monetary financing, printing money monetary financing of the government and under the IMF program the ministry of finance and the bank of Ghana signed an MOU that the bank of Ghana will not fund the government any longer yet the bank of Ghana is incurring a huge cost in funding the gold purchases of a gold board,” he added.
Highlighting the economic risks, Dr. Amin Adam warned that this financing model could reignite inflationary pressures and destabilize Ghana’s fragile economic recovery.
He urged the Monetary Policy Committee (MPC), which was meeting at the time, to use the opportunity to better align monetary policy with fiscal policy
Dr. Adams remarked “They are currently having an MPC meeting and we hope that they will use that opportunity to align monetary policy with fiscal policy.”
Despite claims that the Bank of Ghana is pre-financing gold purchases for the Ghana Gold Board, former Finance Minister Amin Adams noted that gold reserves have not increased as expected, suggesting a discrepancy in the reported accumulation of gold assets.
“If they were buying the gold for the bank of Ghana, one would have expected that the gold reserves would increase but ladies and gentlemen the gold reserves have not increased,” he stated emphatically.
Source: www.Kumasimail/Kwadwo Owusu