{"id":420252,"date":"2026-05-01T14:45:08","date_gmt":"2026-05-01T14:45:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/il\/420252\/"},"modified":"2026-05-01T14:45:08","modified_gmt":"2026-05-01T14:45:08","slug":"bogs-losses-worse-than-reported-despite-gold-sales","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/il\/420252\/","title":{"rendered":"BoG\u2019s losses worse than reported despite gold sales"},"content":{"rendered":"

\"Mohammed <\/a>Mohammed Amin Adam is the former Minister of Finance<\/p>\n

Former Minister of Finance, Dr Mohammed Amin Adam, has alleged that the Bank of Ghana used proceeds from gold sales to mask the true extent of its financial losses in 2025.<\/p>\n

In a Facebook post on Friday, May 1, 2026, Dr Amin Adam claimed the central bank\u2019s reported net loss of GH\u00a215.6 billion would have been significantly higher if gains from gold sales had not been recognised in its profit and loss account.<\/p>\n

According to him, the Bank reportedly sold about 18 tonnes of Ghana\u2019s gold reserves accumulated under the previous New Patriotic Party administration, generating approximately GH\u00a240.3 billion in proceeds and a net gain of GH\u00a29.57 billion.<\/p>\n

He argued that although the Bank had explained the transaction as a reserve portfolio rebalancing exercise, the published financial statements raised doubts about that justification.<\/p>\n

\u201cThere was no obvious macroeconomic need for such rebalancing, especially under a policy framework that had previously been approved to build not reduce gold reserves,\u201d he wrote.<\/p>\n

Dr Amin Adam further claimed that the GHS9.57 billion gain from the gold sale was reclassified from equity and recognised as realised income.<\/p>\n

\u201cThis is critical…Therefore, the GH\u00a215.6 billion net loss reported in 2025 must be interpreted in context. If these gold gains had not been recognised in the profit and loss account, the loss would have exceeded GH\u00a225 billion.\u201d<\/p>\n

Bank of Ghana financial strain deepens in 2025<\/a><\/p>\n

He added that the Bank\u2019s monetary operations remained expensive, citing sterilisation costs of GH\u00a216.73 billion in 2025.<\/p>\n

\u201cThe financial report notes that the Bank\u2019s \u2018strong policy solvency position\u2019 in 2025 was specifically underpinned by a substantial inflow from bullion gold sales,\u201d he said.<\/p>\n

According to him, without the gold sales, the Bank\u2019s operating income would have been insufficient to cover the sterilisation costs.<\/p>\n

Dr Amin Adam also defended the Domestic Gold Purchase Programme introduced under former Vice President Mahamudu Bawumia, describing it as a major buffer for the central bank.<\/p>\n

\u201cOne policy by Dr Bawumia \u2014 the Domestic Gold Purchase Programme \u2014 has clearly been a major buffer for the Bank of Ghana,\u201d he stated.<\/p>\n

He accused the current management of the central bank of prioritising \u201coptics over sound balance sheet management\u201d, warning that using gold reserves to offset operational losses only concealed deeper policy challenges.<\/p>\n

\u201cThe losses \u2014 driven largely by costly monetary interventions \u2014 raise serious questions about policy efficiency,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"Mohammed Amin Adam is the former Minister of Finance Former Minister of Finance, Dr Mohammed Amin Adam, has…\n","protected":false},"author":2,"featured_media":420253,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,184,85,46],"class_list":["post-420252","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-il","tag-israel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/420252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=420252"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/420252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/420253"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=420252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=420252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=420252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}