Concerns have been raised following recent Public Accounts Committee (PAC) hearings into the operations of the Bank of Ghana (BoG), with former Finance Minister Amin Adam questioning the credibility of claims about alleged losses under the Gold for Reserves Programme.

In a Facebook post, Amin Adam described as “mind-boggling” the BoG Governor’s inability to readily provide documentation or detailed explanations regarding a reported GH¢3.8 billion loss said to have been incurred under the programme in 2024, when questioned by the Chair of the PAC.

He further expressed concern that if such losses had indeed occurred, they were not captured in the Bank of Ghana’s published 2024 financial statements, despite being publicly referenced by the Governor.

According to the former minister, the apparent discrepancy raises serious questions about the accuracy, transparency and consistency of the central bank’s financial disclosures.

Amin Adam also noted that any such losses would normally be reported to the International Monetary Fund (IMF) as part of disclosures under the Extended Credit Facility (ECF) programme.

He questioned why IMF review reports made no mention of the alleged 2024 losses, while only referencing reported losses of about $214 million in 2025.

“This situation leaves more questions than answers,” he said, suggesting the possibility of misreporting, which he stressed would amount to a serious breach under an IMF-supported programme.

The former minister concluded by reiterating his long-standing view that the current BoG Governor acts more as a partisan political figure than as an independent head of the central bank. Read the full post below: