The sale of a significant portion of Ghana’s gold reserves has sparked fresh concerns about the Bank of Ghana's financial strategy, with Dr Mohammed Amin Adam questioning the motives behind the move.

According to the former Finance Minister, Ghana’s gold reserves had increased substantially between 2023 and 2024, rising from about 8.8 tonnes to over 30 tonnes under a policy framework aimed at strengthening external buffers and reducing reliance on foreign exchange.

However, the Finance Committee Ranking Member noted that the decision to sell more than half of these reserves in 2025 appears inconsistent with that strategy, particularly if the proceeds did not significantly improve the country’s net international reserves. 

“Explanations framed as portfolio diversification must be assessed against outcomes,” he said.

Dr Amin Adam also raised concerns about the possibility that the gold sales were used to cover operational losses at the central bank. 

“The Bank must prove that it did not sell the gold to cover huge losses recorded in 2025,” he cautioned.

He added that references to alignment with International Monetary Fund frameworks should be carefully scrutinised, stressing that such programmes emphasise transparency, accountability, and sound balance sheet management.