• Contact US
  • Advertise With US
  • Privacy & Policy
  • Submit Station
Thursday, October 23, 2025
Kumasi Mail
Advertisement
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

    Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

    Education Minister reaffirms Mahama administration’s commitment to strengthening ‘No Fees Stress’ policy

    GES warns schools against unauthorised PTA levies

    Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

    Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

    Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

    Education Minister reaffirms Mahama administration’s commitment to strengthening ‘No Fees Stress’ policy

    GES warns schools against unauthorised PTA levies

    Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

    Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
Kumasi Mail
No Result
View All Result
  • Home
  • News
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
Home Business

Bank of Ghana Accused of Printing Money to Fund GoldBod Amid Cash Crunch

Allegations of Monetary Financing and Gold Reserve Discrepancies Spark Economic Alarm in Ghana

Abdul-Haqq Yussif by Abdul-Haqq Yussif
July 30, 2025
in Business
0
Bank of Ghana Accused of Printing Money to Fund GoldBod Amid Cash Crunch
Share on FacebookShare on Twitter

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

Tags: Amin AdamsGoldBodMahamaNDCtopstory
ShareTweetSend
Previous Post

All the noise about Nkoko Nketenkete not a pesewa has been released- Minority ‘exposes’ gov’t

Next Post

Ghana Armed Forces declares intent to enforce peace in Bawku using all necessary force

YOU MAY LIKE

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry
Business

COCOBOD launches strategic board sub-committees to advance financial accountability and education in the Cocoa industry

Hermas Sibeko honoured for transformative leadership in Agribusiness
Business

Hermas Sibeko honoured for transformative leadership in Agribusiness

Ghana to create 500,000 jobs through expansion of economic crops
Business

Ghana to create 500,000 jobs through expansion of economic crops

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority
Business

GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies
Business

Sangu Delle urges intra-African trade, simpler rules and local capital to scale companies

Next Post
Election 2024: We’ll resist  Coup — GAF

Ghana Armed Forces declares intent to enforce peace in Bawku using all necessary force

Kwabena Agyapong Promises ‘Good Change’ in NPP Presidential Race

Kwabena Agyapong Promises ‘Good Change’ in NPP Presidential Race

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

Krofrom Market files sealed- KMA promises revelation “in due course”

Krofrom Market files sealed- KMA promises revelation “in due course”

Richard Ofori Agyeman Boadi, KMA BOSS

KMA orders removal of unauthorized structures and billboards ahead of road project

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

Education Minister reaffirms Mahama administration’s commitment to strengthening ‘No Fees Stress’ policy

GES warns schools against unauthorised PTA levies

Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

Baffoe-Bonnie’s Vetting: The countdown to Ghana’s next Chief Justice

Foreign Affairs Minister engages US, Canada officials on Visa arrangements for Ghanaian football fans ahead of World Cup

Foreign Affairs Minister engages US, Canada officials on Visa arrangements for Ghanaian football fans ahead of World Cup

  • Trending
  • Comments
  • Latest
52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Asokore Mamponhene Nana Boakye Ansah passes away

Asokore Mamponhene Nana Boakye Ansah passes away

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

Hello world!

1
NCA promises lower data prices by year-end

NCA promises lower data prices by year-end

1
COVID-19: Information Ministry justifies GHC150K spent on staff

COVID-19: Information Ministry justifies GHC150K spent on staff

1
EC to conduct mop-up registration August 1-3

EC to conduct mop-up registration August 1-3

1
Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

Facebook Twitter Youtube Instagram
Kumasi Mail

About US

Advertise With US

Submit Station

© 2024 KumasiMail.com