Amin Adam Accuses BoG of Printing Money for GoldBod
Former Finance Minister Dr. Mohammed Amin Adam has accused the Bank of Ghana (BoG) of engaging in monetary financing—specifically printing money—to pre-finance the Ghana Gold Board (GoldBod), due to the government’s failure to release budgeted funds for the initiative. What We Found On July 29, 2025, Amin Adam stated that although US$279 million was allocated in the 2025 budget for GoldBod—a statutory body intended to formalize gold procurement—no funds have been released to date. He warned that in the absence of official funding, the BoG has stepped in using a revolving fund, effectively printing new money to support GoldBod operations—an action which he argued is incompatible with IMF programme conditions and risks reigniting inflation. According to Amin Adam, previous gold programs—such as past gold-for-oil arrangements—were managed through revolving funds without direct budget allocations thus avoiding taxpayer exposure. He claims GoldBod […]