In a detailed press release, the Minority in Parliament, through Dr. Mohammed Amin Adam, called for full transparency from the Bank of Ghana and Goldbod regarding inconsistencies in Ghana’s foreign exchange and gold reserve data.

Despite reported foreign reserves standing at $10.6 billion in April 2025, the Minority pointed out that reserve growth appears lower than expected given Ghana’s substantial gold exports, cocoa receipts, and remittance inflows.

Dr. Amin Adam questioned whether the Bank of Ghana is engaging in unconventional forex operations or if Goldbod is failing to fully transfer export proceeds to the central bank.

He stated, “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 will scrutinize these reports thoroughly.

The statement also highlighted that the NPP government strategically built up 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.

Dr. Amin Adam emphasized the need for the government to maintain policy transparency to sustain currency stability gains.