Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama briefed Parliament’s Committee on Economy and Development on Monday, presenting the central bank’s 2025 Monetary Policy Report and defending the controversial decision to reduce Ghana’s gold holdings as a deliberate and strategically sound reserve management exercise.
Dr Asiama told committee members that the Bank of Ghana had over several years deliberately increased the role of gold within Ghana’s international reserves through the Domestic Gold Purchase Programme, noting that gold had come to represent approximately 42 percent of Ghana’s gross international reserves by October 2025.
He explained that because most comparable central banks held between 20 and 25 percent of their reserve portfolios in gold, Ghana’s concentration had grown significantly above the peer benchmark, prompting a review of concentration risks and the decision to rebalance. “We observed that most of our peers were holding within 20 and 25 per cent of their portfolios as gold. At the time, we were holding a little over 40 per cent, and the decision was therefore made to diversify,” he said.
The Bank sold 22.24 metric tonnes of gold during 2025, converting the bullion into foreign exchange assets that were redeployed into high-quality liquid instruments and fixed income securities. Dr Asiama described the transaction as a reallocation within reserves rather than a drawdown, emphasising that Ghana’s gross international reserves did not decline as a result.
He stressed that the rebalancing had already begun generating returns. “Nothing has come down. It was simply a rebalancing exercise,” Dr Asiama told the committee.
The briefing comes as scrutiny over the timing of the gold sales continues. The 22.24 tonnes were reportedly sold at prices around $3,500 per fine ounce, before gold surged toward $5,200 per ounce by late January 2026. Critics, including New Patriotic Party (NPP) legislators, have called for a parliamentary investigation.
An independent audit of the Gold-for-Reserves programme, announced by Dr Asiama in January, is expected to deliver its findings this month. The outcome of that review is likely to shape how Parliament responds to Monday’s briefing.
