The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has defended the central bank’s decision to sell part of Ghana’s gold reserves, stating that the move was a deliberate diversification strategy rather than a loss of national assets.
Dr. Asiama explained that the conversion of a portion of the country’s gold holdings into foreign exchange assets formed part of routine reserve management designed to maintain a balanced and resilient reserve portfolio capable of supporting the economy during periods of external shocks.
He made the clarification when he led a technical team from the Bank of Ghana to brief Parliament’s Committee on Economy and Development at Parliament House in Accra on the Bank’s 2025 Monetary Policy Report.
According to the Governor, the decision to sell about 22.24 tonnes of gold followed a significant buildup in the country’s gold reserves in recent years through the central bank’s Domestic Gold Purchase Programme (DGPP).
He disclosed that prior to the launch of the programme in 2021, Ghana held about 8.7 tonnes of gold in its reserves. However, sustained purchases under the programme significantly increased the country’s gold holdings over time.
By the end of December 2024, Ghana’s gold reserves had risen to 30.53 tonnes.
During 2025, the Bank purchased an additional 10.32 tonnes, bringing total holdings to about 40.85 tonnes.
Dr. Asiama explained that the rapid increase in gold holdings, coupled with rising global gold prices, resulted in the metal accounting for about 42 percent of Ghana’s Gross International Reserves by October 2025.
He noted that such concentration in a single asset class posed potential risks for a country like Ghana that relies heavily on its reserves to stabilise the cedi and finance critical imports.
“International reserve management practices emphasise diversification,” the Governor said, adding that countries at Ghana’s stage of development typically maintain about one-fifth of their reserves in gold.
“In light of these considerations, the Bank undertook a measured portfolio rebalancing, converting a portion of its gold holdings into foreign exchange assets,” he explained.
As part of this rebalancing exercise, the Bank divested approximately 22.24 tonnes of gold on the international market, bringing Ghana’s gold holdings down to 18.61 tonnes by the end of 2025.
Dr. Asiama strongly rejected suggestions that the move represented a disposal of national wealth.
“First, this action did not represent a loss of Ghana’s national assets. The gold was converted into foreign exchange assets, which remain fully part of Ghana’s international reserves,” he said.
He further stressed that central banks do not manage reserves for short-term speculation on commodity prices.
“Central banks do not manage reserves with the objective of speculating on short-term price movements. Reserve management focuses on maintaining liquidity, safety and diversification,” the Governor emphasised.
According to him, the foreign exchange obtained from the transaction remains invested within the Bank of Ghana’s reserve portfolio, generating returns while strengthening the country’s external buffers.
Dr. Asiama added that the Bank has instituted additional measures to diversify and strengthen Ghana’s international reserves in order to safeguard the country’s external stability.
The Governor also used the opportunity to brief members of the parliamentary committee on broader economic developments, including reserve management, inflation trends, interest rates and risks to the external sector such as geopolitical tensions in the Middle East.
Chairman of the Committee on Economy and Development and Member of Parliament for Amenfi West, Dr. Eric Afful, expressed satisfaction with the engagement and commended the Governor for the open and frank discussions.
He encouraged the Bank of Ghana to maintain regular engagements with Parliament to help address misinformation and disinformation on key economic policy issues.
