During a recent address to the Young Executive Forum in London, Ghana’s former Vice President, Dr Mahamudu Bawumia, claimed that the current NDC administration has yet to add even a single tonne of gold to the country’s official reserves.
CLAIM: “Sixty-five years after independence, we had only 8.7 tonnes of gold reserves. But in just two years, we increased that to 30 tonnes—a significant buffer for our currency. Since the NDC took over, they haven’t added even one tonne.”
An examination of data from the Bank of Ghana corroborates this claim.
As of end-May 2023, Ghana’s gold reserves stood at 8.78 tonnes.
By December 2024 reserves had risen sharply to 30.53 tonnes, an increase of 21.75 tonnes.
Since the NDC assumed office in January 2025, growth in gold reserves has been modest.
By end-April 2025, reserves had inched up to 31.37 tonnes, marking a net addition of 0.84 tonnes—below the one-tonne threshold cited by Dr. Bawumia.
VERDICT: Dr. Bawumia’s claim that the NDC government has not added a full tonne of gold to Ghana’s reserves since taking office is supported by data from the central bank.
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