Bank of Ghana Accused of Misreporting Gold Reserves to IMF

Former Finance Minister, Dr. Mohammed Amin Adam, has expressed concerns over the Bank of Ghana’s data accuracy, particularly regarding a reported loss of GHS3.8 billion under the Gold for Reserves programme in 2024.

This development follows a Right to Information response to Asempa FM, where the Bank of Ghana disclosed the losses. However, when appearing before Parliament’s Public Accounts Committee, the Governor of the Bank of Ghana, Dr. Johnson Asiama, could not provide documentation for the 2024 loss.

Dr. Amin Adam noted that it is unusual for such a significant loss to not be captured in the Bank’s books or reported to the International Monetary Fund (IMF). He stated,

The Public Accounts Hearing on the operations of the Bank of Ghana revealed troubling signs. The inability of the Governor of the Bank to readily provide the necessary information and/or documentation on a supposed GHS3.8 billion loss made under the Gold for Reserves Programme in 2024 when asked by the Chair of the Public Accounts Committee is mind-boggling.

Furthermore, Dr. Adam emphasized that if such losses existed, the Bank of Ghana was required to report them to the IMF, and failure to do so raises questions about misreporting. He added,

BoG is supposed to have provided such data on the losses to IMF under the ECF review as part of its data/information sharing, and why the IMF never highlighted this in all its review reports except the 214 million losses in 2025 clearly shows BoG has more questions than answers.

The situation highlights the need for transparency and accuracy in the Bank of Ghana’s reporting, particularly when it comes to significant financial transactions and losses.

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