Listen to the article
Gold Reserve Conversion Sparks Political Controversy in Ghana
Ghana’s central bank has clarified that a significant reduction in the country’s gold holdings over the past year reflects a strategic portfolio diversification rather than an outright sale of national assets, contradicting claims made by opposition figures.
Former New Patriotic Party (NPP) General Secretary John Boadu recently alleged that the John Mahama-led National Democratic Congress (NDC) government had improperly sold gold reserves inherited from the previous administration.
“The gold that we reserved, they have sold all of it on our blind side,” Boadu claimed during a media interview at NPP’s presidential primaries on January 31, 2026. “The gold reserves that the Nana Addo Dankwa Akufo-Addo-led government gathered have been sold by this government. If not for the balance sheet we saw, we would not have known that reserves of 32 tonnes is now only 18 tonnes.”
Data from the Bank of Ghana (BoG) confirms that gold holdings have indeed decreased from 30.5 tonnes in December 2024 to 18.6 tonnes by December 2025—a reduction of 11.9 tonnes during the first year of the Mahama administration.
However, BoG Governor Dr. Johnson Pandit Asiama has provided context that challenges the characterization of this reduction as a “sale” of national assets. In a statement posted on his X (formerly Twitter) account, Dr. Asiama explained that the gold was converted to foreign exchange as part of a deliberate reserve diversification strategy.
“The change in reported gold holdings reflects a deliberate reserve diversification decision,” Dr. Asiama stated. “A decision was taken to rebalance the portfolio by converting part of the gold holdings into foreign exchange.”
Importantly, this conversion has not diminished Ghana’s overall international reserves. On the contrary, Ghana’s financial position appears to have strengthened during this period, with Gross International Reserves rising from $9.11 billion in 2024 to $13.82 billion by the end of 2025. Net International Reserves also showed significant improvement, increasing from $6.44 billion to $11.71 billion.
The country’s import cover—a key indicator of economic stability—has expanded from 4.1 months to 5.7 months during the same period, suggesting enhanced economic resilience rather than diminished national assets.
Data analyst Alfred Appiah supported the central bank’s explanation, noting: “There’s really no big deal with the BoG rebalancing its gross international reserves by selling some gold. It’s not as if the reserves have declined, and the money has been spent. It remains within the reserves.”
Despite these clarifications, Boadu has maintained his position, arguing that the conversion represents poor economic judgment given current market conditions. “Because of the appreciation of the cedi, the value of the dollar is down, so the 14 tonnes that they have sold and converted would have been better to remain in gold deposit than to remain in cash because the price of gold is increasing compared to the dollar that is reducing,” he told GhanaFact in an interview.
The controversy highlights the ongoing political tensions between Ghana’s two major parties and reflects broader debates about reserve management strategies in developing economies. Central banks worldwide regularly adjust their reserve composition between gold, foreign currencies, and other assets based on market conditions and strategic objectives.
While the gold holdings have numerically decreased, the claim that the government has simply “sold” inherited gold reserves appears to mischaracterize a more complex financial management decision that has maintained—and by some measures improved—Ghana’s overall reserve position.
Fact Checker
Verify the accuracy of this article using The Disinformation Commission analysis and real-time sources.
10 Comments
Glad to see this fact-check examining the claims around Ghana’s gold reserves. The numbers don’t tell the full story, and the central bank’s perspective provides important context. It’s easy for political accusations to get ahead of the facts, so this analysis helps shed light on the reality.
The central bank’s explanation of a strategic portfolio shift rather than an outright sale of gold reserves helps provide important context missing from the initial political claims. It’s a good reminder to carefully evaluate data and seek out authoritative sources when assessing sensitive national asset issues like this.
This is a complex issue involving Ghana’s gold reserves and political accusations. While the data shows a decrease, the central bank’s explanation of a strategic portfolio shift seems plausible. It’s important to carefully evaluate claims and get the facts right, especially on sensitive topics like national assets.
This fact-check helps bring some much-needed nuance to the discussion around Ghana’s gold reserves. While the data shows a decrease, the central bank’s explanation of a strategic move, not a sale, seems reasonable. It’s important to carefully examine claims, especially on sensitive national asset issues, to ensure the facts are accurately represented.
Interesting story, but it seems the claims about the government selling gold reserves were exaggerated. The data shows a reduction in holdings, but it was likely a strategic portfolio diversification, not an outright sale as alleged. Good to see the central bank providing clarification on the facts.
The reduction in Ghana’s gold holdings is an interesting development, but the central bank’s clarification that it was a strategic move, not a sale, seems reasonable. It’s important to get the facts straight, especially on sensitive issues like national assets and resources. This fact-check helps provide that context.
Appreciate this analysis digging into the details around Ghana’s gold reserve adjustments. The central bank’s clarification that it was a portfolio diversification, not an improper sale, provides important context missing from the initial political accusations. Fact-checking is crucial to get the full story and avoid misleading rhetoric.
Curious to learn more about the strategic rationale behind Ghana’s gold reserve adjustments. The central bank’s perspective provides important nuance that seems to contradict the political accusations. It’s a good reminder to look beyond the headlines and seek out the full context when evaluating these types of issues.
This is a good example of how political rhetoric can sometimes outpace the actual facts. While the data shows a decrease in Ghana’s gold reserves, the central bank’s explanation of a portfolio diversification makes sense. It’s crucial to carefully evaluate claims, especially when they involve accusations of improper actions by the government.
Seems like there was some misleading rhetoric around Ghana’s gold reserves, but the central bank’s clarification helps provide the real picture. Reducing holdings for portfolio diversification is different than an outright sale, as the opposition claimed. Fact-checking is crucial to cut through political noise and understand the facts.