Ranking Member of Parliamentary Committee on Finance, through Dr. Mohammed Amin Adam, has called for full transparency from the Bank of Ghana (BoG) and Goldbod regarding inconsistencies in Ghana’s foreign exchange and gold reserve data.
Despite Ghana’s foreign reserves standing at $10.6 billion as of April 2025, the Minority argues that reserve growth appears lower than expected, given the country’s gold exports, cocoa receipts, and remittance inflows.
The former Finance Minister questioned whether BoG is engaging in unconventional forex operations or if Goldbod is failing to fully transfer export proceeds to the central bank.
“We urge the BoG and Goldbod to reconcile these figures transparently and submit a comprehensive account of forex movements to Parliament, as required under Article 184 of the 1992 Constitution”.
The Minority Finance Committee has pledged to scrutinize these reports thoroughly.
The statement also highlighted that the NPP government strategically built reserves, exceeding the IMF’s three-month import cover benchmark, achieving four months by the end of 2024.
This strong buffer allowed the lifting of IMF caps on BoG’s forex market interventions, creating policy space now utilized by the NDC government, which injected $590 million into the forex market in April 2025 alone.
Despite this, the Minority expressed disappointment with the current government’s performance on gold reserves, which grew by less than one metric ton since January 2025, compared to the rapid buildup under the NPP.
