Public Accounts Hearing Raises Credibility Questions Over BoG G4R Programme – Dr. Amin
Concerns have emerged over the operations of the Bank of Ghana (BoG) following revelations at a recent Public Accounts Committee (PAC) hearing, with former Minister of Finance, Dr. Mohammed Amin Adam, questioning the credibility and transparency of the central bank’s management.
In a Facebook post reacting to the hearing, Dr. Amin Adam described as “mind boggling” the inability of the Governor of the Bank of Ghana to readily provide documentation or detailed information on an alleged GHS3.8 billion loss incurred under the Gold for Reserves Programme in 2024.
According to the former minister, the situation is further compounded by the fact that the purported losses were not captured in the Bank of Ghana’s published 2024 financial statements, raising doubts about the accuracy of the Governor’s claims.
Dr. Amin Adam also questioned why such significant losses, if they indeed occurred, were not flagged by the International Monetary Fund (IMF) during its reviews under Ghana’s Extended Credit Facility (ECF) programme. He noted that the IMF only highlighted reported losses of about $214 million in 2025, with no mention of the alleged 2024 losses.
“BoG is supposed to have provided such data on the losses to the IMF under the ECF review as part of its data and information sharing,” he stated, adding that the absence of any reference to the alleged GHS3.8 billion loss in IMF reports raises serious concerns.
The former finance minister warned that any misreporting to the IMF under the programme would be a grave matter, stressing that accuracy and transparency are critical requirements of IMF-supported arrangements.
Dr. Amin Adam concluded his commentary by reiterating his long-held criticism of the current BoG leadership, stating that he has “always said that this BoG Governor is a partisan politician, not an independent Central Bank Governor.”
The Bank of Ghana is yet to officially respond to the claims raised during the PAC hearing and the subsequent comments by the former minister.
