Former Minister for Finance, Dr Mohammed Amin Adam, has criticised the Governor of the Bank of Ghana, Dr Johnson Asiama.

The critique arises from what he describes as a failure to provide clear information to the Public Accounts Committee (PAC) regarding alleged GH¢3.8 billion losses under the Gold for Reserves programme in 2024.

Dr Amin Adam said it was “mind-boggling” that the BoG Governor was unable to furnish the PAC with the relevant data and documentation when questioned during a hearing on Monday, January 12.

The issue arose after the PAC Chairperson, Abena Osei-Asare, queried the rationale behind the government’s decision to cancel the Gold for Oil programme, which reportedly incurred a GH¢1.8 billion loss, while maintaining the Gold for Reserves initiative, said to have recorded higher losses.

In a Facebook post reacting to the proceedings, the former Finance Minister said the PAC hearing exposed worrying developments at the central bank.

The former Finance Minister questioned why the supposed GH¢3.8 billion loss was not captured in the Bank of Ghana’s published 2024 financial statements, describing the situation as “bizarre”.

Dr Amin Adam further argued that if such losses had indeed occurred, the Bank of Ghana should have reported them to the International Monetary Fund (IMF) as part of its data-sharing obligations under the Extended Credit Facility programme.

He noted that IMF review reports have only referenced losses of $214 million in 2025, raising concerns about possible inconsistencies in reporting.

According to him, any misreporting to the IMF would be a serious breach under the programme. He concluded by reiterating his view that the current BoG Governor lacks independence, describing him as “a partisan politician rather than an independent central bank governor.”