The New Patriotic Party (NPP) has claimed that gold contributed only $1.30 to every $100 added to Ghana’s international reserves in 2025, despite the government’s emphasis on gold purchases as a key driver of reserve accumulation.

A member of the NPP’s Policy Coordinating Committee on Finance and Economy, Dr Mohammed Amin Adam, made the claim at a press conference on Tuesday, September 1.

According to him, figures from the Bank of Ghana showed that the country’s actual gold holdings declined by 39 per cent during the period.

“Ghanaians were told this programme was building up the country’s reserves, but the Bank of Ghana’s own numbers show that, of every $100 added to reserves last year, gold contributed just $1.30,” Dr Amin Adam said.

He alleged that the reported contribution of gold to reserve growth did not justify the financial losses associated with the government’s gold purchase programmes.

According to the NPP, the International Monetary Fund reported losses of GH¢22 billion, while the Bank of Ghana’s audited accounts recorded GH¢9.05 billion in losses. GoldBod, however, reported a GH¢5.45 billion surplus.

Dr Amin Adam said the differences among the figures raised questions about how the same gold-related transactions were captured in the accounts of the various institutions.

“GH¢22 billion of the country’s money was lost through a system that was approved but only partly disclosed across two different sets of accounts and never fully explained to the people of Ghana,” he alleged.

He claimed that the explanation did not come from the Bank of Ghana, the Ministry of Finance, GoldBod, the Auditor-General or the State Interests and Governance Authority.

“It took the International Monetary Fund, reporting from Washington, to tell Ghanaians what their own central bank had been spending on an operation that has been creating losses for this country,” he stated.

The NPP demanded a signed reconciliation from the Bank of Ghana, GoldBod and the Ministry of Finance to explain the relationship among the GH¢22 billion cited by the IMF, the GH¢9.05 billion recorded in the central bank’s audited accounts and GoldBod’s reported GH¢5.45 billion surplus.

The party also backed calls for a full parliamentary inquiry into the gold purchase operations, noting that the Speaker of Parliament had admitted a motion seeking an investigation.