Former Finance Minister Dr. Mohammed Amin Adam has accused the ruling government of using the newly established Ghana Gold Board (GOLDBOD) as a vehicle for financial misappropriation.
Dr. Amin Adam described the GH₵270 million budgetary allocation to GOLDBOD as unjustifiable, claiming it is a deliberate scheme to divert Ghana’s gold resources for the benefit of select members of the governing National Democratic Congress (NDC).
His remarks come in response to an announcement by Finance Minister Dr. Cassiel Ato Forson on Tuesday, March 11, regarding financial support for the yet-to-be-launched GOLDBOD.
The former minister contended that previous gold-purchasing initiatives, such as the Gold-for-Oil policy, were executed without direct government budgetary support.
Instead, they operated through a revolving fund managed by the Bank of Ghana, ensuring that taxpayer money was not at risk.
“We have never funded the gold purchase programme or the Gold-for-Oil programme from the national budget. It never happened. To fund GOLDBOD this way is simply a means to channel money for the benefit of NDC cronies—it is a case of create, loot, and share,” he asserted.
Dr. Amin Adam warned that placing the financial burden of GOLDBOD on taxpayers could have significant economic consequences and undermine the sustainable management of Ghana’s natural resources.
He further emphasized that the Bank of Ghana’s previous gold-purchasing strategies did not impact taxpayers, unlike the current approach, which he vowed to resist.
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