Former Finance Minister Dr. Mohammed Amin Adam has criticized the government for setting up the Ghana Gold Board (GOLDBOD), alleging it is a scheme to siphon public funds.

0

Dr. Amin Adam contends that the GH₵270 million earmarked for GOLDBOD is unjustifiable, asserting that it is a calculated move to channel Ghana’s gold wealth into the hands of a privileged few within the ruling National Democratic Congress (NDC).

1

His comments come in response to Finance Minister Dr. Cassiel Ato Forson’s budget presentation on Tuesday, March 11, where he announced financial support for the yet-to-be-launched GOLDBOD.

2

The former minister argued that past gold purchasing initiatives, including the Gold-for-Oil policy, operated without direct government funding. Instead, these programs relied on a revolving fund managed by the Bank of Ghana, avoiding the use of taxpayer money.

3

He warned that shifting the financial responsibility of GOLDBOD onto taxpayers could have significant economic consequences, stressing that such a move threatens the long-term management of Ghana’s natural resources.“We have never funded the gold purchase programme or gold-for-oil programme from the budget. It never happened and so to fund the GOLDBOD from the budget, in our view, is just to put in money to be benefited by NDC cronies. It is to create, loot and share.

4

“The Bank of Ghana was funding the gold purchase programme from a revolving fund and therefore it did not affect the taxpayer. Now you have a GOLDBOD which is going to rely on the taxpayer and we think that this creates loot and share and we will resist it.”

5