Bank of Ghana Governor Dr Johnson Asiama states he resigned from the board of directors of the Ghana Gold Board about five months ago and no longer takes part in its meetings, addressing political scrutiny over potential conflicts of interest regarding domestic gold-purchasing operations.
Political Pressure and Conflict-of-Interest Concerns From the Opposition
The status of the central bank governor’s board membership drew intense scrutiny following a public briefing held by the New Patriotic Party. Former Finance Minister and Member of Parliament for Karaga, Dr Mohammed Amin Adam raised the issue during an NPP press briefing on September 1.
Opposition figures focused their questions on the financial entanglements between the central bank and the gold agency. Specifically, the NPP expressed concern over the Bank of Ghana’s role in financing gold-purchasing operations and pointed to reported financial losses tied to the domestic gold purchase programme.
Governor Asiama Clarifies His Departure From the Gold Board
Responding to the mounting questions over his dual roles, Dr Asiama made it clear that his tenure on the oversight body ended months ago. He told reporters that he stepped down from its Board of Directors roughly five months prior to his public statement.
I resigned from the GoldBod Board about five months ago or so.
Dr Johnson Asiama, Bank of Ghana Governor, via Myjoyonline
By stepping away from the table months before the political briefing brought the matter to wider public attention, the governor severed his direct participation in the entity’s governance.
Statutory Provisions Under the Ghana Gold Board Act
At the heart of the legal defense is the governing legislation itself. Dr Asiama pointed to the Ghana Gold Board Act, 2025 (Act 1140), noting that the statute does not compel the central bank governor to occupy a seat on the board personally.
“The law that governs the activities of the GoldBod, there’s a provision there for the Bank of Ghana to be represented either by the Governor or any other official up to the rank of a director. It does not necessarily need the Governor to be there.”
Dr Johnson Asiama, Bank of Ghana Governor, via Citinewsroom
This statutory flexibility means the central bank’s institutional presence can be maintained through a designated senior employee rather than its chief executive.
Broader Financial Ties Between the Central Bank and GoldBod
While the governor’s departure removes him from board-level decisions, the underlying economic friction remains a central point of debate. The relationship between the monetary authority and the gold-purchasing scheme involves financial support.
Central bank financing of gold acquisitions and the management of associated financial losses continue to draw public attention from political observers, keeping the spotlight on how state gold operations are funded.