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Former Finance Minister Dr. Mohammed Amin Adam has accused the Bank of Ghana (BoG) of printing money to pre-finance the newly established Ghana Gold Board (GoldBod).
According to Dr. Amin Adam, this occurred because the government failed to raise sufficient revenue to honour budgeted allocations.
Under the 2025 budget, the government allocated US$279 million to GoldBod—a new statutory entity aimed at formalising gold procurement from artisanal and small-scale miners and supporting export traceability.
Speaking at a press conference today, Dr. Amin Adam alleged that despite this substantial budget allocation, no funds have officially been disbursed.
Instead, according to him, BoG has stepped in to fund GoldBod’s operations directly.
“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.”
The Bank of Ghana responded earlier this month in a press release, denying any unauthorised printing of money.
The central bank insisted that no funds were advanced without parliamentary approval and reaffirmed its commitment to monetary discipline.
Dr. Amin Adam warned that such a financing model violates IMF programme conditions and risks reigniting inflationary pressures that could destabilise Ghana’s fragile economic recovery.
The Minority has already criticised the NDC government, insisting that the latest Fitch sovereign rating upgrade is rooted in the economic performance of the previous New Patriotic Party (NPP) administration.
In the press briefing, Dr. Amin Adam welcomed the rating upgrade from “Restricted Default” to “B−” with a stable outlook, but cautioned the NDC against claiming credit for it.
They argued on Tuesday that the upgrade reflects macroeconomic groundwork laid before the transition of power.
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