The former Minister of Finance, Dr Mohammed Amin Adam, has called on the Bank of Ghana (BoG) to provide a full and transparent account of its decision to sell more than half of the country’s gold reserves in 2025.
According to him, the reported liquidation of over 50% of Ghana’s gold holdings—generating about $1.5 billion—raises serious concerns about policy consistency and the management of the central bank’s balance sheet.
In a Facebook post on Wednesday, March 18, 2026, Dr Amin Adam questioned both the rationale behind the decision and the use of the proceeds.
“The central question is not whether reserves can be reallocated, but why such a substantial share was sold, and how the proceeds were used,” he stated.
He noted that between 2023 and 2024, the government significantly increased Ghana’s gold reserves from about 8.8 tonnes to over 30 tonnes under the Domestic Gold Purchase Programme, an initiative designed to strengthen reserve buffers and reduce reliance on foreign exchange.
Against this backdrop, he argued that the decision to sell a large portion of the reserves appears inconsistent with the original policy objective.
“The liquidation of more than half of these reserves raises serious concerns about policy consistency and balance sheet management,” he said.
Dr Amin Adam further questioned whether the sale was used to offset financial losses by the central bank, warning that such a move would signal a shift away from prudent reserve management.
“The Bank of Ghana must prove that it did not sell the gold to cover huge losses recorded in 2025,” he stressed.
He cautioned that relying on the sale of strategic reserves to mask operational losses could distort the true financial position of the central bank.
“Headline financial outcomes risk overstating underlying performance, unless one-off gains from gold sales are clearly separated from core operational results,” he added.
The former Finance Minister also challenged explanations that the move was part of portfolio diversification, insisting that such claims must be assessed against actual outcomes.
“If the proceeds did not materially strengthen net international reserves, the macroeconomic rationale remains unclear,” he noted.
He further urged caution in linking the decision to International Monetary Fund-backed reforms, emphasizing that such frameworks prioritise transparency and the preservation of central bank integrity.
Dr Amin Adam concluded by calling for full disclosure, insisting that at a time when economic policy credibility is critical, the central bank must be accountable to the public.
“The Bank of Ghana owes Ghanaians a full and transparent account of these decisions,” he said.
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