Former Finance Minister, Dr. Mohammed Amin Adam is up in arms with the Bank of Ghana, raising questions about the sincerity of the bank’s data to the International Monetary Fund (IMF).
Following a Right to Information response to Asempa FM, the Bank of Ghana said there were losses of GH¢3.8 billion under the Gold for Reserves programme in 2024.
Asempa FM, through its host, OB, had requested for information from the Central Bank, following the reported loss of $214m in 2025 in gold operations by the GoldBod/Bank of Ghana, contained in the IMF’s report on Ghana.
However, appearing before Parliament’s Public Accounts Committee, the Governor of the Bank of Ghana, Dr. Johnson Asiama, could not readily provide documentation on the 2024 loss of GH¢3.84b which the Bank of Ghana captured in its RTI response to Asempa FM.
The former Finance Minister has now waded in on the issue, pointing out that it is strange that a supposed loss, as claimed by the Bank of Ghana Governor, is neither captured in the books of the Bank nor was reported to the IMF by the central bank.
“The Public Accounts Hearing on the operations of the Bank of Ghana (BoG) revealed troubling signs. The inability of the Governor of the Bank to readily provide the necessary information and/or documentation on a supposed GHS3.8 billion loss made under the Gold for Reserves Prgramme in 2024 when asked by the Chair of the Public Accounts Committee is mind-boggling,” Dr. Amin Adam wrote on his Facebook page.
“The fact that such losses, if they really occurred were not reported in the 2024 published financial statement of BoG but the Governor went ahead to peddle such claims is really bizarre,” he added.
Dr. Adam added that if indeed such losses existed, the Bank of Ghana was required to provide such data to the IMF, adding that failure to do so raises questions of the serious offence of ”misreporting”.
“BoG is supposed to have provided such data on the losses to IMF under the ECF review as part of its data/information sharing, and why the IMF never highlighted this in all its review reports except the $214 million losses in 2025 clearly shows BoG has more questions than answers.”
“Is it that there was misreporting to the IMF? Misreporting is a very serious issue under the IMF program,” he said.
About the Author
