Former Finance Minister Dr. Mohammed Amin Adam has challenged the Bank of Ghana’s credibility, questioning whether the central bank has been truthful in its data submissions to the International Monetary Fund (IMF).
The controversy stems from a Right to Information (RTI) request submitted by Asempa FM, to which the Bank of Ghana disclosed losses amounting to GH¢3.8 billion under the Gold for Reserves programme in 2024.
The radio station, through its presenter OB, had sought clarification from the central bank regarding a reported $214 million loss in 2025 gold operations involving GoldBod and the Bank of Ghana, as documented in the IMF’s report on Ghana.
During testimony before Parliament’s Public Accounts Committee, Bank of Ghana Governor Dr. Johnson Asiama was unable to immediately furnish documentation supporting the claimed GH¢3.84 billion loss for 2024, which the institution had cited in its RTI response to Asempa FM.
Dr. Amin Adam has now entered the debate, expressing concern that the alleged loss appears nowhere in the Bank’s records and was not disclosed to the IMF.
“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.
The former Finance Minister noted that such losses, if genuine, should have been included in the Bank of Ghana’s submissions to the IMF, suggesting that the omission could constitute the serious violation 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.