Former Finance Minister Dr. Mohammed Amin Adam has called on the Ghana Gold Board (GoldBod) to disclose the names of companies that bought Ghana’s gold amid the controversy over losses recorded under the Domestic Gold Purchase Programme (DGPP).
He accused GoldBod of failing to provide adequate transparency on the buyers of the country’s gold, particularly following the reported US$1.7 billion loss incurred under the programme in 2025.
Speaking to journalists on Tuesday, September 1, Dr. Amin Adam questioned where the gold exported by GoldBod had gone and demanded details of the companies involved in the transactions.
The former Finance Minister also accused GoldBod of failing to publish the names of the companies purchasing Ghana’s gold.
“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.
According to him, GoldBod exported about 103.8 tonnes of gold sourced from small-scale miners in 2025, with 98.8% of the gold reportedly going to two destinations—India and Dubai.
Dr. Amin Adam said the pricing arrangements surrounding some of the transactions resulted in significant losses to the country.
He explained that buyers in those markets typically offer faster payment, but often demand discounts in return, which he said contributed to Ghana losing about 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.
He said the lack of disclosure raised questions about the transparency of GoldBod’s operations, particularly given the scale of Ghana’s gold exports.
Dr. Amin Adam further cited an IMF estimate that about US$11.4 billion worth of small-scale mining gold was smuggled out of Ghana 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.
He challenged GoldBod to demonstrate greater transparency by identifying the buyers of Ghana’s gold.
“So if this is different, then we should see transparency. Who bought Ghana’s gold?” he asked.
Dr. Amin Adam also warned that a loss of access to major international refiners or restrictions by the London Bullion Market Association over concerns about the sourcing of Ghana’s gold could have serious financial consequences for the country.
He said such restrictions could cost Ghana more than the US$1.7 billion in disputed losses currently under discussion.
He further raised concerns about the government’s decision to scrap the 1.5% withholding tax on unprocessed gold from small-scale miners, arguing that the policy could have additional implications for revenue and accountability in the gold sector.
His comments come amid an ongoing dispute between Minority Leader Alexander Afenyo-Markin and GoldBod Chief Executive Officer Sammy Gyamfi over demands for accountability regarding the reported US$1.7 billion loss recorded under the DGPP in 2025.
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