BoG Gold Reserve Debate: Majority dismisses Minority claims

The Majority in Parliament has rejected claims by the Minority that the Bank of Ghana sold a significant portion of its gold reserves to resolve financial distress.

This follows the Minority’s description of the central bank as “policy insolvent,” noting that it cannot sustain its core operations without relying on extraordinary measures.

In a statement issued on Sunday, May 3, 2026, the Majority described the claims as misleading, particularly attempts to discredit the GH¢9.57 billion recorded as gains from gold transactions in 2025.

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“Gains from such portfolio management are legitimate income. They are not fake because they are not recurring every year. Non-recurring does not mean illegitimate,” part of the statement read.

According to the Majority, converting part of the gold reserves into liquidity should be understood within the context of broader economic pressures, including debt restructuring and global financial challenges.

“This is not evidence of collapse. It is evidence of management under pressure,” the statement said.

The caucus also explained that gold transactions form part of normal central bank operations, noting that reserve management involves adjusting assets such as gold, foreign exchange, and other instruments to ensure liquidity and stability.

“The audited statements do not show any distress liquidation. What they show is measured portfolio adjustment,” the Majority stressed.

The caucus maintained that Ghana has in recent years pursued policies to increase its gold reserves through domestic purchase programmes, a move it said contradicts claims of depletion due to financial distress.

SO/SA

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