2025 Budget: GOLDBOD fund a ‘create, loot and share’ scheme – Amin Adam

Former Finance Minister and MP for Karaga, Dr. Mohammed Amin Adam, has raised strong concerns over the government’s plan to establish a revolving fund for the Ghana Gold Board (GOLDBOD), describing it as a scheme designed to “create, loot, and share” public resources.

Dr. Amin Adam made this claim during a press conference organised by the Minority Caucus shortly after Finance Minister Dr. Cassiel Ato Forson presented the 2025 Budget Statement and Economic Policy to Parliament on Tuesday, March 11.

According to Dr. Ato Forson, the government intends to allocate the cedi equivalent of US$279 million as a revolving fund to support the operations of GOLDBOD, enabling the agency to purchase and export at least three tonnes of gold per week from small-scale miners.

The initiative, he explained, is part of a broader strategy to formalise the small-scale mining sector, improve regulation, and enhance Ghana’s gold export capacity.

“Mr. Speaker, we will provide a Cedi equivalent of US$279 million as a revolving fund for the Ghana Gold Board (GOLDBOD) to be able to purchase and export at least three tonnes of gold per week from small-scale miners,” Dr. Ato Forson announced during the budget presentation.

He further noted that the fund would not only help stabilise the gold sector but also ensure fair pricing for small-scale miners and increase the country’s revenue from gold exports.

However, Dr. Amin Adam strongly criticised the initiative, accusing the government of using the fund as a cover to misappropriate public resources.

“The GOLDBOD fund is nothing but a ploy to create, loot, and share public funds under the guise of supporting the gold sector,” he argued, warning that such a significant allocation without robust oversight mechanisms could open the door for large-scale financial mismanagement and corruption.