Former Finance Minister, Dr. Mohammed Amin Adam, has sharply criticised the Bank of Ghana (BoG) over what he describes as inconsistencies in the central bank’s reporting of losses under the Gold for Reserves Programme, raising concerns about possible misreporting to the International Monetary Fund (IMF).
His comments follow a Right to Information (RTI) response issued by the Bank of Ghana to Asempa FM, which stated that the bank recorded losses of GH¢3.8 billion in 2024 under the programme.
The request for information was made after an IMF report disclosed a separate loss of $214 million in 2025 related to gold operations involving the GoldBod and the Bank of Ghana.
However, during a sitting of Parliament’s Public Accounts Committee (PAC), the Governor of the Bank of Ghana, Dr. Johnson Asiama, was unable to readily provide documentation to support the claimed GH¢3.84 billion loss for 2024, despite the figure appearing in the RTI response to Asempa FM.
Reacting to the development, Dr. Amin Adam described the situation as “mind-boggling,” questioning why such a significant loss was neither reflected in the Bank of Ghana’s 2024 published financial statements nor reported to the IMF.
“The inability of the Governor to provide documentation on a supposed GHS3.8 billion loss raises serious concerns,” Dr. Adam wrote on his Facebook page. “If such losses truly occurred, it is bizarre that they were not captured in the Bank’s financial statements.”
He further noted that under Ghana’s IMF Extended Credit Facility (ECF) programme, the Bank of Ghana is required to disclose all relevant financial data to the IMF. Failure to report such losses, he warned, could amount to misreporting, which he described as a serious breach under the IMF programme.
Dr. Adam added that the IMF’s review reports only referenced the $214 million loss in 2025, with no mention of any losses in 2024, deepening concerns over the credibility and transparency of the Bank of Ghana’s disclosures.
