Bank of Ghana (BoG) Governor Dr Johnson Asiama has addressed concerns over his relationship with the Ghana Gold Board (GoldBod), stating he stepped down from its Board of Directors about five months ago. This clarification comes after the New Patriotic Party (NPP) raised questions about his reported membership and potential conflict-of-interest concerns. Dr Asiama emphasized that he no longer attends GoldBod Board meetings.
According to Dr Asiama, the Ghana Gold Board Act, 2025 (Act 1140) allows for the Bank of Ghana to be represented on the GoldBod Board, but does not require the Governor to be the representative. The law permits representation by any official up to the rank of a director. This means that while the BoG must have a representative on the board, it does not have to be the Governor himself.
The NPP had raised concerns about Dr Asiama's reported position on the GoldBod Board during a press briefing on September 1. Former Finance Minister and NPP MP for Karaga, Dr Mohammed Amin Adam, questioned Dr Asiama's involvement with GoldBod amid reported losses associated with the domestic gold purchase programme. The programme is financed by the BoG, sparking scrutiny over the central bank's role in GoldBod's operations.
Dr Asiama's clarification aims to address these concerns, stating that he resigned from the GoldBod Board about five months ago and does not attend board meetings. He stressed that the law does not make it mandatory for the BoG Governor to personally serve on the board. This explanation indicates that another senior BoG official can represent the bank on the GoldBod Board.
The domestic gold purchase programme has faced scrutiny, particularly regarding reported losses and the extent of the BoG's financial involvement in GoldBod's operations. The NPP has demanded the removal of the BoG Governor from GoldBod's board, citing potential conflict-of-interest concerns. The BoG has warned of pressure on its reserves as GoldBod pauses exports.
The concerns over Dr Asiama's involvement with GoldBod highlight the need for transparency in the relationship between the central bank and GoldBod. The BoG's role in financing GoldBod's gold-purchasing operations under the domestic gold purchase programme has raised questions about potential risks to the central bank's reserves.
Dr Asiama's clarification provides insight into the BoG's representation on the GoldBod Board, emphasizing that the Governor's role is not mandatory. This development comes as the BoG and GoldBod navigate their relationship amid scrutiny from the NPP and other stakeholders.
Key points
- BoG Governor Dr Johnson Asiama resigned from Goldbod Board five months ago.
- The law does not require the BoG Governor to personally serve on the GoldBod Board.
- The NPP has demanded the removal of the BoG Governor from GoldBod's board, citing potential conflict-of-interest concerns.
