Former Finance Minister, Dr Mohammed Amin Adam, says Ghana’s gold purchase programme failed to deliver the expected financial benefits despite a significant rise in international gold prices in 2025.

The Karaga MP said gold prices increased by 62.9 per cent during the year, moving from an average of US$2,395 per ounce to US$3,441.

Speaking at a press conference on Tuesday, September 1, he described the performance as one of the strongest years for gold in decades, yet said Ghana’s programme continued to incur substantial losses.

“This was not the market’s fault,” Dr Amin Adam said.

According to him, three major costs were built into every transaction: exchange-rate differences, discounts to foreign buyers and handling fees.

He said the Bank of Ghana advanced cedis at the official interbank rate while GoldBod paid miners at higher rates available through forex bureaus.

“The Bank advanced cedis at the official interbank rate while GoldBod paid miners at the higher rate available at forex bureaus. The Bank absorbed that gap on every purchase,” he said.

Dr Amin Adam also cited the discount given to foreign buyers, saying Ghana sold gold in October 2025 at US$3,919 an ounce compared with a world average of US$4,054.

He said the discount represented a significant cost to the country.

“A discount to foreign buyers… is money that never reached Ghana,” he said.

He further criticised the 0.5 per cent service fee and 0.258 per cent assay fee charged on the full value of transactions.