By Kwabena Adu Koranteng
Former Finance Minister, Dr. Mohammed Amin Adam, has mounted fresh pressure on the Ghana Gold Board (GoldBod) to disclose the identities of companies that purchased Ghana’s gold, insisting that the secrecy surrounding the transactions raises serious questions about transparency and accountability.
Dr. Amin Adam’s demand comes amid mounting controversy over a reported US$1.7 billion loss equivalent to about GH¢22 billion—associated with the Domestic Gold Purchase Programme (DGPP) in 2025.
Speaking to journalists on Tuesday, September 1, the former Finance Minister challenged GoldBod to account for the destination of the gold exported under the programme and identify the companies that bought it.
“Where did our gold go? All the gold they sold, where did that go?” he asked.
He accused GoldBod of failing to publish the names of the companies purchasing Ghana’s gold, as well as failing to make available quarterly reports he said are required under Section 42 of the Ghana Gold Board Act.
“Gold Board has never published the names of the companies buying its gold,” Dr. Amin Adam said.
He further demanded the publication of the identities of foreign buyers, the discounts granted and the commercial terms governing the transactions.
“We want to know the names of the foreign buyers of Ghana’s gold, the discount and commercial terms they were given. Those contracts must be published,” he stated.
103.8 TONNES EXPORTED
According to Dr. Amin Adam, GoldBod exported approximately 103.8 tonnes of gold sourced from small-scale miners in 2025, with about 98.8 percent reportedly destined for India and Dubai.
He questioned the pricing arrangements involved in those transactions, arguing that discounts granted to some buyers resulted in substantial financial losses to Ghana.
He said buyers in those markets could offer faster payment, but that such arrangements often came with demands for discounts.
“Gold Board had to provide huge discounts, which resulted in Ghana not receiving US$450 million. And this is one of the losses recorded,” he alleged.
The former Finance Minister said the absence of adequate disclosure was particularly troubling given the enormous value and volume of gold being exported.
“HOW DIFFERENT IS IT FROM SMUGGLING?”
Dr. Amin Adam also drew attention to the scale of gold smuggling from Ghana, citing an IMF estimate that approximately US$11.4 billion worth of small-scale mining gold was smuggled out of the country between 2019 and 2024.
He argued that Ghana must be able to distinguish legitimate gold exports from illicit transactions through transparent disclosure of buyers and commercial arrangements.
“Yet, we cannot tell who bought Ghana’s gold. We cannot tell. How different is it from smuggling? Because in both cases, you don’t know who bought the gold,” he said.
He therefore challenged GoldBod to prove that its operations are fundamentally different by opening up its transactions to public scrutiny.
“So if this is different, then we should see transparency. Who bought Ghana’s gold?” he asked.
WARNING OVER INTERNATIONAL REFINERS
Dr. Amin Adam further warned that Ghana could face potentially severe financial consequences if major international refiners or institutions associated with the London Bullion Market Association were to restrict access to Ghanaian gold because of concerns about the sourcing of the country’s bullion.
According to him, such restrictions could potentially expose Ghana to losses exceeding the US$1.7 billion figure currently at the centre of the controversy.
He also questioned the government’s decision to abolish the 1.5 percent withholding tax on unprocessed gold purchased from small-scale miners, arguing that the policy could have implications for revenue mobilisation and accountability within the gold sector.
POLITICAL FIRESTORM
The latest intervention adds another layer to an increasingly heated political dispute over the DGPP.
Minority Leader Alexander Afenyo-Markin has been demanding accountability over the reported US$1.7 billion loss, while GoldBod Chief Executive Officer Sammy Gyamfi has defended the institution amid the controversy.
The dispute has intensified demands for detailed information on GoldBod’s gold purchases, exports, buyers, pricing arrangements and the financial circumstances surrounding the reported losses.
For Dr. Amin Adam, however, the central question remains unanswered:
WHO BOUGHT GHANA’S GOLD?
And until GoldBod provides the names, contracts and commercial terms, he argues, questions over transparency will continue to hang over the country’s gold trade.
