Former Finance Minister Dr. Mohammed Amin Adam Demands Removal of BoG Governor from GoldBod Board | Discuss Ghana

Former Finance Minister Dr. Mohammed Amin Adam has called for the immediate removal of Bank of Ghana (BoG) Governor Dr. Johnson Asiama from the governing board of the Ghana Gold Board (GoldBod), citing severe governance risks and potential conflicts of interest.

Addressing public policy concerns surrounding state-backed commodity financing, Dr. Amin Adam argued that the central bank's dual role as both regulator/funder and board member compromises institutional independence.

Key Highlights of the Demand

Conflict of Interest Concerns:

Financial & Regulatory Overlap: Dr. Amin Adam emphasized that because the Bank of Ghana provides direct financial backing and credit facilities for GoldBod’s operational procurement, having the sitting Central Bank Governor on GoldBod's board creates an inherent structural conflict of interest.

Institutional Independence: He noted that the central bank cannot effectively oversee financial compliance and monetary policy risks associated with GoldBod while its chief executive participates in executive board decisions for the commodity body.

Calls for Governance Reforms:

Restructuring Board Composition: The former Finance Minister urged the government to review the statutory structure of the GoldBod board, replacing central bank representation with independent governance, commodities, or regulatory experts.

Ensuring Transparency: He highlighted that separating regulatory oversight from board management is critical to maintaining international investor confidence and fiscal discipline within Ghana's gold trading framework.