The Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has called on the Bank of Ghana (BoG) to provide a full and transparent explanation regarding the sale of more than half of the country’s gold reserves in 2025.
According to the former Finance Minister, the move raises serious questions about policy direction and the management of Ghana’s external buffers, particularly after significant efforts were made between 2023 and 2024 to build gold reserves under the Domestic Gold Purchase Programme (DGPP).
In a Facebook post on Thursday, March 19, Dr Amin Adam noted that Ghana’s gold holdings had increased from about 8.8 tonnes to over 30 tonnes during the previous administration, a strategy aimed at strengthening macroeconomic stability and reducing reliance on foreign exchange.
“Against this backdrop, the liquidation of more than half of these reserves—generating approximately US$1.5 billion—raises serious concerns about policy consistency and balance sheet management,” the Karaga lawmaker stated.
He further questioned the rationale behind the decision, insisting that the central bank must clarify whether the sale was undertaken to offset financial losses or as part of a deliberate portfolio adjustment strategy.
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Source: www.myjoyonline.com