“The Numbers Speak for Themselves” – Majority Dismisses Minority Claims Over BoG Gold Loss Allegations
Majority insists gold transactions reflect routine reserve management, not evidence of financial distress at BoG
- Bank of Ghana is defending its GH¢9.57 billion gold-related transactions as normal reserve management, not distress sales.
- Atta Issah says the Minority is misinterpreting financial data and misleading the public
- Majority insists the central bank remains stable, arguing that solvency depends on the full balance sheet, not annual profits alone
The Majority caucus in Parliament has strongly rejected claims by the Minority that the Bank of Ghana (Bank of Ghana) is in financial distress and using gold sales to conceal its true position, insisting that the GH¢9.57 billion recorded from gold-related transactions in 2025 is part of standard reserve management.
The response follows Minority allegations that the central bank is “policy insolvent” and unable to sustain its core monetary functions without extraordinary interventions.
In a statement issued on Sunday, May 3, 2026, Atta Issah, speaking for the Majority, dismissed the claims as a misinterpretation of financial data that risks misleading the public.
He explained that the characterization of the GH¢9.6 billion gold-related gain as improper is inaccurate, stressing that gold transactions are a normal part of central bank reserve management.
According to him, central banks routinely adjust their holdings between gold, foreign currency, and other assets to ensure liquidity, safety, and improved returns.
He added that gains from such portfolio adjustments are legitimate income, even if they are non-recurring.
The Minority had argued that excluding the gold gains would leave the Bank with an operational deficit of about GH¢4 billion, which they described as evidence of deeper financial weakness. They also alleged that up to half of the Bank’s gold reserves had been used to support its finances.
However, the Majority firmly rejected these assertions, insisting that central bank strength cannot be judged solely on annual profit and loss figures.
They noted that true policy solvency depends on the overall balance sheet, including reserves, revaluation buffers, and government backing.
The statement also dismissed claims of distress asset liquidation, stressing that the audited accounts show “measured portfolio adjustments” rather than emergency sales.
It further argued that Ghana’s ongoing efforts to build gold reserves through domestic purchase programmes contradict suggestions of depletion.
According to the Majority, the conversion of some gold holdings into liquidity should be understood within the context of global financial pressures, exchange rate volatility, and debt restructuring challenges.
“This is not evidence of collapse. It is evidence of management under pressure,” the statement concluded.
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.
