An economist, Dr. Frank Bannor, has called on the Governor of the Bank of Ghana (BoG) to offer a public explanation regarding the abrupt and substantial drop in the nation’s gold reserves. According to official Bank of Ghana figures, Ghana’s gold holdings fell dramatically from 37.1 tonnes in September 2025 to only 18.6 tonnes by December 2025 representing a reduction of 18.5 tonnes within a single quarter.
“This development is extremely troubling,” stated the Development Economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP). “Can the Governor of the Bank of Ghana clarify why the country’s gold reserves declined from 37.1 tonnes in September 2025 to 18.6 tonnes in December 2025?
“It is worth highlighting that the New Patriotic Party administration handed over gold reserves of 30.5 tonnes in December 2024.”
Ghana’s gold reserves had shown consistent growth throughout 2025, reaching a high of 37.1 tonnes in September. However, the final quarter saw a sharp reversal, wiping out all earlier increases and bringing reserves to a level lower than what was inherited from the previous government.
Dr. Bannor described the drop as baffling, particularly in light of the country’s robust external sector performance over the same period.
Bank of Ghana statistics indicate that Gross International Reserves climbed to US$13.83 billion by December 2025, compared with US$9.11 billion a year earlier.
“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 per cent in physical gold holdings over just three months cannot occur without proper disclosure,” he emphasised. He raised questions about whether the gold was sold outright, used as collateral, exchanged in a swap arrangement for liquidity, or involved in some form of off-market transaction.
Dr. Bannor cautioned that continued lack of transparency could undermine public trust in the management of reserves and overall monetary oversight, especially during a period when transparent communication is vital to supporting Ghana’s economic recovery efforts.
“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 added, pressing the central bank to deliver a comprehensive account of any transactions involved, their intended purposes, and the resulting financial advantages.
Editor:
Obiri-Yeboah
