Former Finance Minister Accuses BoG Governor of Partisanship Over Gold for Reserves Losses

Dr. Mohammed Amin Adam, the former Minister for Finance, has publicly criticized the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, for his perceived partisanship and lack of transparency during a recent Public Accounts Committee (PAC) hearing. Adam specifically questioned Dr. Asiama's failure to provide adequate documentation regarding a reported GH¢3.8 billion loss from the Gold for Reserves program in 2024. He noted that these losses were not reflected in the BoG's financial statements, raising concerns about the accuracy of the bank's reporting to the International Monetary Fund (IMF). Adam emphasized that discrepancies in financial reporting could undermine the credibility and independence of the central bank. He also drew a comparison to the government's cancellation of the Gold for Oil program, which had a reported loss of GH¢1.8 billion, highlighting the need for accountability and clear communication from the central bank's leadership.