The Minority in Parliament, through Dr. Mohammed Amin Adam, has called on the Bank of Ghana and Goldbod to provide full transparency regarding inconsistencies in Ghana’s foreign exchange and gold reserve data.
Despite reports indicating that Ghana’s foreign reserves stood at $10.6 billion as of April 2025, the Minority raised concerns that reserve growth appears lower than expected considering the country’s significant gold exports, cocoa receipts, and remittance inflows.
Dr. Amin Adam questioned whether the Bank of Ghana is engaging in unconventional forex operations or if Goldbod is failing to fully transfer export proceeds to the central bank.
He stated, “We urge the Bank of Ghana and Goldbod to reconcile these figures transparently and submit a comprehensive account of forex movements to Parliament, as required under Article 184 of the 1992 Constitution.”
The Minority Finance Committee plans to scrutinize these reports thoroughly.
The statement further highlighted that the previous NPP government strategically built up reserves exceeding the IMF’s three-month import cover benchmark, achieving a four-month cover by the end of 2024. This robust buffer allowed the lifting of IMF caps on BoG’s forex market interventions, creating policy space now being utilized by the NDC government, which injected $590 million into the forex market in April 2025 alone.
However, the Minority expressed disappointment with the current government’s gold reserve accumulation, which has grown by less than one metric ton since January 2025—far slower compared to the rapid buildup under the NPP administration.
Dr. Amin Adam emphasized the need for continued policy transparency to sustain the gains made in currency stability.
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