Former Finance Minister, Dr. Mohammed Amin Adam, has expressed concern over what he says is the government’s sale of half of Ghana’s total gold reserves last year, saying it has depleted the nation’s reserves.
In an extensive write-up on his Facebook page, which he shared Wednesday night, Dr. Adam questioned the rationale behind the government selling half of the national gold reserves built by the previous government, arguing that it defeats the purpose of accumulating the reserves.
The former Finance Minister, who provided background on how the erstwhile NPP government built Ghana’s gold reserves from a meagre 8.8 tonnes to over 30 tonnes through the Gold for Reserves Policy, accused the government of selling half of the accumulated reserves to hide 2025 losses.
Questioning the government’s sale, Dr. Adam said the move “raises serious concerns about policy consistency and balance sheet management.”
“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,” Dr. Adam wrote.
“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.”
Dr. Adam added that 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.”
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