Accra: 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.
According to Ghana Web, in a statement issued on Sunday, May 3, 2026, the Majority described the claims as misleading, particularly attempts to discredit the GHS9.57 billion recorded as gains from gold transactions in 2025. The statement emphasized that gains from portfolio management are legitimate income, even if they are not recurring every year. The Majority clarified that non-recurring gains do not equate to illegitimacy.
The statement further explained that 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. The Majority insisted that this action is not an indication of collapse but rather a demonstration of management under pressure.
The caucus elaborated that gold transactions are a normal part of central bank operations. Reserve management involves adjusting assets such as gold, foreign exchange, and other instruments to ensure liquidity and stability. The Majority stressed that the audited statements do not show any distress liquidation but rather a measured portfolio adjustment.
The caucus also highlighted that Ghana has been pursuing policies to increase its gold reserves through domestic purchase programmes in recent years. This approach, they argued, contradicts claims of depletion due to financial distress.