Sharp decline in gold reserves raises transparency questions from BoG
2nd February 2026
The gold reserves have come under intense scrutiny following a startling report showing that the nation lost nearly 19 tonnes of gold in just three months, prompting calls for urgent explanations from the Bank of Ghana (BoG).
According to official BoG statistics, the country’s gold holdings fell sharply from 37.1 tonnes in September 2025 to just 18.6 tonnes by December 2025, representing a nearly 50 percent decline within a single quarter.
The abrupt drop has alarmed economists and financial experts, including Dr. Frank Bannor, Development Economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP).
Speaking to the media, Dr. Bannor described the development as “extremely troubling,” noting that the decline erased all gains recorded in the first three quarters of 2025 and brought reserves below the 30.5 tonnes inherited from the previous New Patriotic Party (NPP) administration in December 2024.
“Gold is far more than an ordinary reserve asset; it serves as a strategic store of value, especially amid global instability. A reduction of nearly 50 percent in physical gold holdings over just three months cannot occur without proper disclosure,” Dr. Bannor emphasised.
He questioned whether the missing gold had been sold outright, used as collateral, exchanged in a swap arrangement for liquidity, or involved in other off-market transactions, stressing that the public has a right to full transparency on such strategic assets.
The timing of the decline is particularly striking given that Ghana’s broader external sector showed resilience over the same period.
BoG data indicate that Gross International Reserves climbed to US$13.83 billion by December 2025, up from US$9.11 billion the previous year, highlighting a disconnect between overall foreign reserve growth and the dramatic loss in physical gold.
The situation has intensified scrutiny on the BoG’s management of the Gold-for-Reserves programme, which was designed to strengthen the foreign exchange buffers and diversify reserve assets.
Critics argue that inadequate disclosure surrounding gold sales or swaps risks eroding public trust in the central bank’s oversight and broader monetary policy, particularly at a time when transparent communication is critical to supporting economic stability.
Dr. Bannor urged the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, to provide a comprehensive public account of the transactions involved in the quarter, the purpose of each transaction, and the resulting financial benefits to the state.
“The Ghanaian public has a right to understand what became of nearly 19 tonnes of the country’s gold in the space of one quarter,” he said, warning that continued opacity could undermine confidence in both the BoG and the government’s management of strategic assets.
Observers note that the gold losses come amid heightened public debate over the Gold-for-Reserves programme, including criticism from opposition figures and international bodies such as the IMF, which recently reported a $214 million trading loss in 2025.
The convergence of domestic and international scrutiny underscores the urgency of reforms to improve transparency, accountability, and reporting standards in the management of gold reserves.
The central bank has yet to issue a detailed statement explaining the mechanisms behind the dramatic quarter-on-quarter decline, and stakeholders—including Parliament, economists, and civil society—are calling for immediate disclosure to restore public confidence in the country’s strategic reserves management.