Audio By Carbonatix
Former Finance Minister, Mohammed Amin Adam, has claimed that the financial position of the Bank of Ghana in 2025 was significantly weaker than officially reported, arguing that proceeds from gold sales were used to cushion the impact of heavy operational losses.
In a detailed Facebook post on Friday, May 1, the Karaga MP argued that the central bank’s reported GHS15.6 billion net loss did not fully reflect its underlying financial challenges because gains from the sale of gold reserves were recognised as income.
Dr Amin Adam stated that the Bank reportedly sold about 18 tonnes of gold reserves, generating around GHS40.3 billion in proceeds and a net gain of GHS9.57 billion.
He contended that the gains were transferred from equity into the profit and loss account, thereby softening the scale of the reported deficit.
“If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GHS25 billion,” he wrote, adding that the figure could potentially be higher depending on the treatment of gold transactions.
The former Finance Minister questioned the rationale behind the gold sales, saying the explanation that the transaction was intended to rebalance reserves did not align with the country’s previous policy direction of building gold reserves.
According to him, the financial statements suggest the sales were necessary to support the Bank’s monetary policy operations.
He pointed specifically to sterilisation costs, which he said reached GHS16.73 billion in 2025.
“The Bank’s ‘strong policy solvency position’ in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,” he quoted from the financial report.
Dr Amin Adam argued that without the gold sales, the Bank’s operating income would have been inadequate to absorb those costs.
He also used the occasion to defend the Domestic Gold Purchase Programme introduced during the previous administration led by former Vice President Mahamudu Bawumia.
He said the programme had become “a major buffer” for the central bank, despite criticism from the current administration.
The Karaga MP further accused the current management of the central bank of relying on accounting measures to conceal deeper structural weaknesses.
“Using gold reserves to offset operational losses does not eliminate the problem — it only masks it,” he wrote.
He warned that the strategy could delay necessary policy adjustments and obscure the true cost of monetary interventions.
Latest Stories
-
Government has improved sanitation in one-and-a-half years — Salaga South MP
52 minutes -
Nkwanta North Assembly to appear before Parliament over DACF sanitation spending
1 hour -
Mourinho prints out ‘red card’ incidents after Real lose derby
1 hour -
Atletico beat 10-man Real in feisty Madrid derby
2 hours -
Twelve Tribes of Israel Ghana to mark 40 years with anniversary celebration
2 hours -
GPL 2026/27: Hearts held by Bechem as Kotoko, Samartex share spoils
2 hours -
My Story (Kwaku Antwi-Boasiako)
2 hours -
We expect growth rate to re-accelerate in second-half of 2026 – IC Insights
3 hours -
The ungodliness and unrighteousness underlying the National Cathedral mess!
3 hours -
T-bills auction: Government fails to achieve target; yield on 91-day-bill remains unchanged
3 hours -
It’s Ghana’s shame to denigrate Nkrumah when the whole world honours him as African of the Century – Asiedu Nketiah
3 hours -
No other nationalist can compare to Nkrumah – Asiedu Nketiah
3 hours -
Collateral Registry: Foreign banks accounted for GH¢19.9bn of secured credit in quarter 2, 2026
3 hours -
This government should expect scrutiny – Asiedu Nketiah
4 hours -
Two-year-old girl dies in domestic fire at Cantonments
4 hours