Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has called on the Bank of Ghana to provide a full and transparent explanation for 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, especially after significant efforts 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 increased from about 8.8 tonnes to over 30 tonnes under 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 intended to offset financial losses or as part of a deliberate portfolio adjustment strategy.
Source: Adomonline