Economist Dr Frank Bannor has called on the Governor of the Bank of Ghana (BoG) to publicly explain a sudden and significant drop in the country’s gold reserves.
Official BoG figures indicate that Ghana’s gold holdings fell sharply from 37.1 tonnes in September 2025 to 18.6 tonnes by December 2025, representing a loss of 18.5 tonnes within a single quarter.
Describing the development as alarming, the Development Economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP) questioned the circumstances surrounding the decline.
“Can the Governor of the Bank of Ghana explain why Ghana’s gold reserves dropped from 37.1 tonnes in September 2025 to 18.6 tonnes in December 2025?” he asked, noting that the New Patriotic Party administration handed over gold reserves of 30.5 tonnes in December 2024.
Ghana’s gold reserves had risen consistently throughout 2025, reaching a peak in September before reversing sharply in the final quarter. The decline wiped out gains made earlier in the year and pushed reserves below the level inherited from the previous government.
Dr Bannor said the situation was particularly puzzling given the country’s strong external sector performance over the same period. Bank of Ghana data show that Gross International Reserves increased from US$9.11 billion in December 2024 to US$13.83 billion by December 2025.
“Gold is not just another reserve asset; it is a strategic store of value, especially during periods of global uncertainty,” he said, stressing that a near 50 per cent reduction in physical gold holdings within three months demands clear justification.
He questioned whether the gold was sold, used as collateral, swapped for liquidity, or involved in any off-market arrangement. According to him, the absence of transparency risks undermining public confidence in reserve management and monetary governance at a critical time for Ghana’s economic recovery.
“The public deserves to know what happened to nearly 19 tonnes of Ghana’s gold in just one quarter,” Dr Bannor added, urging the central bank to fully disclose the nature of the transactions, their purpose, and any financial benefits derived.
