Amin Adam Accuses BoG of Printing Money to Fund GoldBod Operations

Former Finance Minister Dr. Mohammed Amin Adam has alleged that the Bank of Ghana (BoG) is printing money to pre-finance the operations of the newly created Ghana Gold Board (GoldBod), due to the government’s inability to release allocated funds.

Speaking at a press conference, Dr. Amin Adam claimed that despite the government’s 2025 budgetary allocation of US$279 million to GoldBod, not a single dollar has been officially disbursed by the Finance Ministry. He argued that the BoG has instead stepped in to fund the board’s gold purchasing activities.

“Despite all the fanfare and the emergency passage of the GoldBod Bill, the Finance Minister has yet to release any portion of the $279 million revolving fund. As it stands, the Bank of Ghana is pre-financing gold purchases—a clear case of monetary financing, which is discouraged under the IMF programme,” he stated.

GoldBod is a statutory institution established to formalise gold procurement from artisanal and small-scale miners and ensure export traceability.

Dr. Amin Adam warned that this alleged practice of printing money risks undermining Ghana’s economic stability by triggering inflation and violating IMF conditions, especially at a time when the country is undergoing recovery efforts.

In response, the Bank of Ghana earlier this month denied engaging in any unauthorised monetary financing. In a public statement, the BoG maintained that all financial operations have been conducted with parliamentary approval and that it remains committed to maintaining monetary discipline.

This allegation adds to ongoing criticisms from the Minority in Parliament, who maintain that the recent Fitch upgrade of Ghana’s credit rating to “B−” reflects the previous New Patriotic Party (NPP) administration’s economic legacy, not the achievements of the current National Democratic Congress (NDC) government.