The Minority Caucus in Parliament has accused the Bank of Ghana (BoG) of illegally printing money to finance the operations of the Ghana Gold Board (GGB), in what they describe as a clear violation of International Monetary Fund (IMF) programme conditions.
Addressing a press conference in Parliament on November 14, 2025, former Finance Minister and Ranking Member on Finance, Dr Mohammed Amin Adam, said although the 2025 Budget made a provision of $279 million as a revolving fund to the Ghana Gold Board to purchase gold, the allocation has not been released by the Ministry of Finance.
Despite this, the Gold Board continues to procure gold from the small-scale mining sector, including sources linked to galamsey operations.
Dr Amin Adam alleged that the Bank of Ghana has been directly financing these purchases, effectively engaging in monetary financing, a practice strictly prohibited under Ghana’s ongoing US$3 billion IMF-supported programme. He argued that such actions has a long term effect on the Ghanaian economy.
He challenged the central bank to “come clean” on the matter, stating that the Minority expects a full disclosure on whether BoG has been providing overdrafts or printing new money to sustain the gold-purchasing scheme.
The former minister also took aim at the IMF, urging the Fund to “wake up from its slumber” and comment on what he described as a breach of programme benchmarks.
Dr Amin Adam’s remarks form part of what he termed the Minority’s preliminary response to the 2026 Budget and Economic Policy Statement presented to Parliament on November 13, 2025, by Finance Minister Dr Cassiel Ato Baah Forson.
The Ghana Gold Board was established to regulate and streamline the gold purchase programme under the government’s Gold for Reserves initiative. The programme was initially launched in 2022 to build up national gold reserves, support the cedi, and reduce pressure on foreign exchange demand. However, concerns about transparency, procurement practices, and financial sustainability have persisted.
The Bank of Ghana is yet to officially respond to the Minority’s allegations.
