Amin Adam Demands Full Disclosure Over US$1.7bn Gold Sale Loss

Former Finance Minister Dr. Mohammed Amin Adam has demanded full disclosure from the Ghana Gold Board (GoldBod) over what he described as undisclosed gold sales, massive price discounts and a staggering US$1.7 billion loss recorded under the Domestic Gold Purchase Programme (DGPP) in 2025.

Speaking to journalists on Tuesday, September 1, 2026, Dr. Amin Adam expressed concern over what he described as a lack of transparency in GoldBod’s operations. Calling on GoldBod to open its books, he questioned how the state’s gold trading system could be different from illegal gold smuggling when the identities of the buyers and details of the transactions were not made public.

He said Ghana’s gold was being sold on international markets without enough information being provided to the public about who bought it, the prices paid and the terms of the deals.

“Where did our gold go? All the gold they sold, where did that go?” he asked.

The former Finance Minister accused GoldBod of failing to provide adequate transparency, despite what he said were reporting requirements under the Ghana Gold Board Act.

“Gold Board has never published the names of the companies buying its gold. And none of the quarterly public reports required under Section 42 of the Ghana Gold Board Act has ever appeared in any way… We want to know the names of the foreign buyers of Ghana’s gold, the discount and commercial terms they were given. Those contracts must be published,” he added.

According to Dr. Amin Adam, GoldBod exported about 103.8 tonnes of gold sourced from small-scale miners in 2025, with 98.8 per cent of the gold reportedly going to India and Dubai.

He said the pricing arrangements used in some of the transactions caused significant losses to Ghana, particularly because buyers who offered faster payment also demanded discounts.

“Gold Board had to provide huge discounts, which resulted in Ghana not receiving US$450 million. And this is one of the losses recorded,” he said.

The former Finance Minister said the concerns went beyond the reported US$1.7 billion loss, pointing to conflicting figures attributed to different institutions.

He cited a reported GH¢22 billion loss communicated to the International Monetary Fund (IMF), a GH¢9.05 billion loss reported by the Bank of Ghana (BoG), and a GH¢5.45 billion surplus reported by GoldBod.

He called for the publication of key documents, including the legislative instrument authorising GoldBod’s fees and restated 2025 accounts that exclude the GH¢4.54 billion government capital injection from revenue.

Dr. Amin Adam also turned his attention to the relationship between GoldBod and the BoG, raising concerns over the central bank’s reported financial involvement in GoldBod’s operations.

He questioned the appropriateness of BoG Governor Dr. Johnson Asiama serving on the GoldBod Board while the central bank was also financing the institution.

“If a so-called independent institution and a government institution are to go into a deal amounting to GH¢133 billion, where is the agreement that defines that relationship? What are the terms?” he asked.

He questioned whether the BoG was aware that some of the transactions could result in losses, given its knowledge of the purchase and sale prices involved.

Against this backdrop, he called for the removal of the BoG Governor from the GoldBod Board, arguing that his continued presence could create a potential conflict of interest.

“We are asking for the removal of the Governor of the Bank of Ghana from the Board of GoldBod because his institution has been funding GoldBod and he has been sitting on the board while GoldBod operations create losses for this country,” he said.

Dr. Amin Adam further called for a full parliamentary inquiry into the reported losses, saying the conflicting figures and lack of disclosure required deeper scrutiny.

His concerns also touch on Ghana’s long-standing battle against gold smuggling. He cited an IMF estimate that about US$11.4 billion worth of small-scale mining gold was smuggled out of Ghana between 2019 and 2024.

“Yet, we cannot tell who bought Ghana’s gold. We cannot tell. How different is it from smuggling? Because in both cases, you don’t know who bought the gold,” he said.

He challenged GoldBod to demonstrate that its system was different by opening up its transactions to public scrutiny.

“So if this is different, then we should see transparency. Who bought Ghana’s gold?” he asked.

The former Finance Minister also warned that Ghana could face serious financial consequences if it lost access to major international refiners or faced restrictions from the London Bullion Market Association over concerns about the sourcing of its gold.

He said such restrictions could cost the country more than the US$1.7 billion currently at the centre of the controversy.

Dr. Amin Adam also criticised the government’s decision to scrap the 1.5 per cent withholding tax on unprocessed gold from small-scale miners, warning that the move could have implications for government revenue and accountability in the gold sector.

His comments come as the reported DGPP losses continue to fuel a public and political dispute between Minority Leader Alexander Afenyo-Markin and GoldBod Chief Executive Officer Sammy Gyamfi.