Former Finance Minister Dr Mohammed Amin Adam says Ghana’s gold purchase programme failed to deliver the expected financial benefits despite a 62.9% increase in international gold prices in 2025.
Dr Amin Adam said gold prices rose from an average of US$2,395 per ounce to US$3,441 during the year, making 2025 one of the strongest periods for gold prices in decades.
However, he said the performance of Ghana’s gold programme did not reflect the favourable conditions on the international market.
“This was not the market’s fault,” Dr Amin Adam said at a press conference organised by the party on Tuesday, September 1.
According to the Karaga Member of Parliament (MP), three major costs affected the programme exchange rate differences, discounts granted to foreign buyers, and fees associated with the transactions.
Dr Amin Adam said the Bank of Ghana advanced cedis at the official interbank exchange rate, while GoldBod paid gold producers at the higher rates available through forex bureaus.
“The Bank advanced cedis at the official interbank rate while GoldBod paid miners at the higher rate available at forex bureaus. The Bank absorbed that gap on every purchase,” he said.
He also questioned the discounts granted to foreign buyers, citing a transaction in October 2025 in which Ghana sold gold at US$3,919 per ounce, compared with a world average price of US$4,054.
“A discount to foreign buyers… is money that never reached Ghana,” he said.
The former Finance Minister further raised concerns about the 0.5% service fee and 0.258% assay fee charged on the full value of transactions.
His comments come amid an ongoing debate over the financial performance of Ghana’s gold purchase programme and the reported losses associated with the Bank of Ghana’s gold operations.