Finance Minister in the erstwhile administration of the erstwhile New Patriotic (NPP), Dr. Mohammed Amin Adam, has accused the incumbent government of selling Ghana's gold reserve to hide losses made in the fiscal year of 2025.
In a rather long post on his official Facebook page, the Member of Parliament for Karagae expressed grave worry over the rate at which Ghana's Gold reserves deplete after a short period.
Dr. Adam, in his post on Wednesday, March 18, 2026, 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.
According to him, the government’s alleged sale of the Gold reserve 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-à-vis the gains from the sale of gold reserves? How sustainable is this practice where the sale of our gold reserves can easily offset operational losses?"
"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."