Former Finance Minister and Karaga MP, Dr Mohammed Amin Adam, has raised concerns over reports that the Bank of Ghana has sold a substantial portion of the country’s gold reserves, warning that the move may point to deeper financial pressures.

In a Facebook post on Thursday, March 19, he suggested that the reported sale of more than half of the gold accumulated under the Domestic Gold Purchase Programme could indicate a shift in policy—from building reserves to addressing balance sheet challenges.

Dr Amin Adam, who serves as Ranking Member on Parliament’s Finance Committee, cautioned that if the proceeds from the transactions were largely used to offset financial losses, it could call into question the sustainability of such measures as well as the transparency of the central bank’s financial reporting.

He stressed that this would represent a significant departure from the original objective of strengthening Ghana’s reserves.

The former minister also dismissed arguments that the decision could be justified on the basis of portfolio diversification or alignment with International Monetary Fund guidelines, insisting that such claims must be supported by clear improvements in the country’s reserve position.

According to him, without a measurable boost to net international reserves, the economic justification for the move remains uncertain.

Dr Amin Adam further called on the Bank of Ghana to provide detailed clarification on how the transactions will be captured in its 2025 financial statements, particularly regarding any gains or losses.

He emphasised that transparency is crucial to sustaining public confidence in Ghana’s financial institutions.