BoG printed money to pre‑finance GoldBod – Former Finance Minister, Dr Mohammed Amin Adam
The Bank of Ghana (BoG) has been accused by former Finance Minister Dr. Mohammed Amin Adam of producing money in order to pre-finance the recently formed Ghana Gold Board (GoldBod).
Dr. Amin Adam claims that this happened as a result of the government’s inability to generate enough money to meet its financial obligations.
The government provided US$279 million to GoldBod, a new statutory organization, as part of the 2025 budget with the goal of formalizing the purchase of gold from small-scale and artisanal miners and facilitating export tracking.
Dr. Amin Adam claimed during a news conference today that no money has been formally distributed in spite of this huge budgetary allotment.
Rather, he claims that BoG has intervened to directly finance GoldBod’s operations.
“Even with all the noise they made about the GoldBod, including pushing the GoldBod Bill through a certificate of emergency, the Minister has not released a cent out of the $279 million that he allocated as a revolving fund for GoldBod. Currently, the Bank of Ghana has been pre-financing the gold purchases. This is a clear case of monetary financing. The IMF programme frowns on monetary financing, printing money, monetary financing of the government.” He said.
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