Former Finance Minister Dr Mohammed Amin Adam has urged the Ghana Gold Board (GoldBod) to publicly reveal the identities of companies purchasing the nation’s gold following controversy surrounding losses in the Domestic Gold Purchase Programme (DGPP).
Addressing a press conference on Tuesday, 1 September 2026, the lawmaker accused GoldBod of a lack of transparency regarding gold buyers after the scheme reportedly registered a US$1.7 billion loss in 2025. He demanded full details on the foreign buyers, commercial terms, and destinations of the exported gold, calling for all contracts to be published.
“Where did our gold go? All the gold they sold, where did that go?” he asked.
“Gold Board has never published the names of the companies buying its gold. And none of the quarterly public reports required under Section 42 of the Ghana Gold Board Act has ever appeared in any way…We want to know the names of the foreign buyers of Ghana’s gold, the discount and commercial terms they were given. Those contracts must be published,” he added.
The Member of Parliament pointed out that GoldBod exported approximately 103.8 tonnes of small-scale mined gold in 2025, with 98.8% sent to India and Dubai. He noted that while these markets offer rapid payment, they demand discounts that cost Ghana nearly US$450 million.
“Gold Board had to provide huge discounts, which resulted in Ghana not receiving US$450 million. And this is one of the losses recorded,” he said.
Comparing the situation to illicit trade, Dr Amin Adam cited an IMF estimate that US$11.4 billion worth of small-scale gold was smuggled out of the country between 2019 and 2024.
“Yet, we cannot tell who bought Ghana’s gold. We cannot tell. How different is it from smuggling? Because in both cases, you don’t know who bought the gold,” he said.
“So if this is different, then we should see transparency. Who bought Ghana’s gold?” he asked.
The former minister warned that potential restrictions by the London Bullion Market Association or a loss of access to major international refiners over sourcing concerns could trigger financial losses far exceeding the US$1.7 billion currently in dispute. He also questioned the government’s decision to remove the 1.5% withholding tax on unprocessed small-scale gold, cautioning that it risks undermining state revenue and accountability.
By: Rainbowradioonline.com/Ghana
