The Majority caucus in Parliament has pushed back against claims by the Minority that the Bank of Ghana (BoG) sold off a significant portion of its gold reserves to mask financial difficulties, insisting that the GH¢9.57 billion recorded from gold transactions in 2025 is part of normal reserve management.
The Minority had earlier argued that the central bank is “policy insolvent,” claiming it can no longer sustain its core monetary operations without relying on extraordinary measures.
But in a statement issued on Sunday, May 3, 2026, Atta Issah, Member of Parliament for Sagnarigu and a member of the Finance Committee, rejected that position. He accused the Minority of misinterpreting technical financial data and drawing conclusions that could mislead the public.
“The characterization of the GH¢9.6 billion as a falsehood simply because it arises from gold transactions is misleading,” the statement said.
According to the Majority, gold transactions are a routine part of central banking, as reserve management often involves shifting assets between gold, foreign currency, and other instruments to improve liquidity, safety, and returns.
“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,” the statement added.
The Minority had argued that removing the one-off gold gains would leave the Bank with an operational deficit of about GH¢4 billion, which it cited as proof of “policy insolvency.” It also alleged that the Bank had sold as much as 50 percent of its gold reserves to prop up its finances.
However, the Majority firmly rejected those claims.
“Central banks are not commercial institutions. Policy solvency is not determined by a single year’s operating income minus expenses. It depends on the overall balance sheet, including reserves, revaluation buffers, and sovereign backing,” the caucus stated.
It also dismissed suggestions that the gold transactions were carried out under distress.
“The audited statements do not show any distress liquidation. What they show is measured portfolio adjustment,” the statement stressed.
The Majority further noted that Ghana has, in recent years, pursued policies aimed at increasing its gold reserves through domestic purchase programmes, arguing that this contradicts claims that reserves are being depleted due to financial pressure.
It added that converting part of the Bank’s gold holdings into liquidity should be seen in the context of broader economic challenges, including debt restructuring, exchange rate pressures, and tighter global financial conditions.
“This is not evidence of collapse. It is evidence of management under pressure,” the statement concluded.
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