Dr Mohammed Amin Adam, the former Finance Minister, has alleged that the Bank of Ghana (BoG) sold Ghana’s gold reserves to cover 2025 losses.
According to Amin Adam, he does not understand the rationale behind the government selling half of the national gold reserves, as it defeats the purpose of accumulating the reserves.
Dr Amin Adam explained how the Bank will report its 2025 losses vis-à-vis the gains from the sale of gold reserves, questioning how sustainable this practice is, where operational losses can easily be offset by the sale of our gold reserves.
The former Finance Minister demanded that the Bank of Ghana come clear on the sale of 50 per cent of Ghana’s gold reserves in 2025.
In a write-up shared on Facebook, Amin Adam wrote, “The Bank of Ghana must come clear on the sale of over 50 per cent of Ghana’s gold reserves in 2025.
Between 2023 and 2024, the NPP government worked to increase Ghana’s gold holdings significantly, from about 8.8 tonnes to over 30 tonnes, under the Domestic Gold Purchase Programme (DGPP) introduced by Dr Mahamudu Bawumia, then Vice President of the Republic. This policy was explicitly designed to strengthen reserve buffers, support macroeconomic stability, and reduce dependence on foreign exchange.
Against this backdrop, the liquidation of more than half (+50%) of these reserves—generating approximately US$1.5 billion in financial gains—raises serious concerns about policy consistency and balance sheet management.
The central question is not whether reserves can be reallocated, but why such a substantial share was sold, and how the proceeds were used.
If these transactions were primarily undertaken to offset financial losses, then this represents a fundamental shift from reserve accumulation toward balance sheet repair. In that case, headline financial outcomes risk overstating underlying performance, unless one-off gains from gold sales are clearly separated from core operational results.
The central bank must prove that it did not sell the gold to cover huge losses recorded in 2025. How will the Bank report its 2025 losses vis-avis the gains from the sale of gold reserves? How sustainable is this practice where operational losses can easily be offset by the sale of our gold reserves?
The Bank of Ghana is yet to tell Ghanaians that the real reason behind the sale was not to achieve the right proportions of assets between foreign currency and gold, but simply to cover losses occasioned by its poor management of the Bank.
Explanations framed as portfolio diversification must be assessed against outcomes. If the proceeds did not materially strengthen net international reserves, the macroeconomic rationale remains unclear.
References to International Monetary Fund alignment should also be treated with caution. IMF-supported frameworks emphasise transparency, accountability, and the preservation of central bank balance sheet integrity.
At a time when policy credibility is critical, the Bank of Ghana owes Ghanaians a full and transparent account of these decisions”.
However, Sammy Gyamfi, the Chief Executive Officer of the Gold Board (GoldBod), in a sharply worded post, has dismissed concerns raised Dr Mohammed Amin Adam, regarding the sale of Ghana’s gold reserves by the Bank of Ghana.
In a sharply worded post, Sammy Gyamfi replied to Amin Adam, telling him the answers he sought have already been addressed at the parliamentary level, with the central bank, led by the Governor, briefing the Economy Sub-committee of Parliament on the matter on March 9.
Sammy Gyamfi further pointed out at Kojo Oppong Nkrumah, the Ranking Member of the committee, as well as Dr Gideon Boako, for making “unfounded claims” about the gold transactions.
The Goldbod CEO in his post wrote, “Honourable Dr Mohammed Amin Adam, the answers you seek were all provided to the Economy Sub-committee of Parliament a few days ago by a team from the BoG led by the Governor himself.
The record of that meeting can easily be made available to you if you check with the Chairman of the committee or, better still, your Ranking Member, Hon. Kojo Oppong Nkrumah. Dr Gideon Boako, who has been peddling lots of unfounded claims about the said transaction, was there as well. You may want to talk to him. After all, Parliament works in committees. Gracias!”
See the post below: