The Minority in Parliament has called for full transparency from the Bank of Ghana (BoG) and the Ghana Gold Board (Goldbod) regarding what it terms as inconsistencies in Ghana’s foreign exchange and gold reserve data.
Despite reported foreign reserves standing at $10.6 billion in April 2025, the Minority has pointed out that reserve growth appears lower than expected given Ghana’s substantial gold exports, cocoa receipts, and remittance inflows.
Dr. Mohammed Amin Adam, former Finance Minister under the Akufo-Addo administration, who signed a statement issued by the caucus 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.
The caucus wants the BoG and Goldbod to reconcile their figures and submit a report to Parliament as required by law.
“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,” he stated.
He stated that the Minority caucus on the Finance Committee will scrutinise 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.
The buffer, according to Dr. Amin Adam, allowed the lifting of IMF caps on BoG’s forex market interventions, creating policy space now utilised by the NDC government, which injected $590 million into the forex market in April 2025 alone.
The Minority expressed disappointment with the government’s performance on gold reserves, which it says grew by less than one metric ton since January 2025, compared to the rapid buildup under the NPP.
Dr. Amin Adam emphasised the need for the government to maintain policy transparency to sustain currency stability gains.
