Gold contributed only $1.30 to every $100 added to Ghana’s reserves in 2025 – NPP claims

The New Patriotic Party (NPP) has asserted that gold contributed a mere $1.30 for every $100 added to Ghana's international reserves in 2025, contrary to the government's assertion that gold purchases were vital for reserve accumulation. Dr Mohammed Amin Adam, a member of the NPP's Policy Coordinating Committee on Finance and Economy, made this claim during a press conference on September 1.

According to Dr Amin Adam, figures from the Bank of Ghana indicated a 39% decline in Ghana's gold reserves during the year in question. The NPP argues that the reported contribution of gold to reserve growth is insufficient to justify the significant financial losses associated with the government's gold purchase programs. The International Monetary Fund reported a loss of GH¢22 billion, while the Bank of Ghana's audited accounts showed a loss of GH¢9.05 billion.

GoldBod, however, reported a surplus of GH¢5.45 billion. The NPP questions how the same gold-related transactions were recorded differently by the Bank of Ghana, GoldBod, and the Ministry of Finance, resulting in these discrepancies. They demand a signed reconciliation from the three institutions to clarify the relationship among the GH¢22 billion cited by the IMF, the GH¢9.05 billion reported in the central bank's audited accounts, and GoldBod's surplus of GH¢5.45 billion.

The NPP also supports calls for a full parliamentary inquiry into the gold purchase operations, citing the Speaker of Parliament's admission of a motion seeking an investigation.