An economist, Dr Frank Bannor, has demanded a public explanation from the Governor of the Bank of Ghana (BoG) over a sudden and sharp decline in the country’s gold reserves.

Official Bank of Ghana data show Ghana’s gold holdings plummeted from 37.1 tonnes in September 2025 to just 18.6 tonnes by December 2025 — a loss of 18.5 tonnes in a single quarter.

“This is deeply concerning,” said 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 explain why Ghana’s gold holdings have fallen from 37.1 tonnes in September 2025 to 18.6 tonnes in December 2025?

"It is important to note that the New Patriotic Party administration left Ghana’s gold reserves at 30.5 tonnes in December 2024.”

Ghana’s gold reserves rose steadily throughout 2025, peaking at 37.1 tonnes in September. But in the final quarter, the trend reversed sharply, erasing all gains made earlier in the year and leaving reserves below the level inherited from the previous administration.

Dr Bannor described the decline as puzzling, given Ghana’s strong external sector performance during the same period.

Bank of Ghana data show Gross International Reserves rose to US$13.83 billion by December 2025, up from US$9.11 billion a year earlier.

“Gold is not just another reserve asset. It is a strategic store of value, especially in times of global uncertainty.

"A near 50 per cent reduction in physical gold holdings within three months cannot pass without explanation,” he said.

He questioned whether the gold was sold outright, pledged as collateral, swapped for liquidity, or used in an off-market arrangement.

Dr Bannor warned that the lack of transparency could erode public confidence in reserve management and monetary governance, particularly at a time when clear communication is critical for Ghana’s economic recovery.

“The public deserves to know what happened to nearly 19 tonnes of Ghana’s gold in just one quarter,” he added, urging the central bank to provide a full account of the transactions, the purposes, and the financial benefits derived.