Dr. Frank Bannor, a Development Economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP), has urged the Governor of the Bank of Ghana (BoG) to provide a public explanation for the significant and unexplained drop in Ghana’s gold reserves, as indicated in the central bank’s most recent External Sector Developments report.
According to the official figures from the Bank of Ghana, the country’s gold reserves plummeted from 37.1 tonnes in September 2025 to 18.6 tonnes by December 2025, marking a loss of 18.5 tonnes within just one quarter.
Dr. Bannor characterized this situation as “deeply concerning,” especially considering the rapidity and magnitude of the reduction.
“Can the Governor of the Bank of Ghana clarify why Ghana’s gold reserves have decreased from 37.1 tonnes in September 2025 to 18.6 tonnes in December 2025?” Dr. Bannor inquired.
“It is crucial to highlight that the New Patriotic Party (NPP) administration left Ghana’s gold reserves at 30.5 tonnes in December 2024.”
“It is crucial to highlight that the New Patriotic Party (NPP) administration left Ghana’s gold reserves at 30.5 tonnes in December 2024.”
Data released by the Bank of Ghana indicates that at the close of December 2024, Ghana’s gold reserves were at 30.5 tonnes. Throughout 2025, Ghana’s gold reserves initially exhibited an upward trend, increasing to 31.0 tonnes in March 2025, further rising to 33.0 tonnes in June 2025, and reaching a peak of 37.1 tonnes in September 2025.
Nevertheless, this trend sharply reversed in the last quarter of the year, with reserves plummeting to 18.6 tonnes by December 2025, erasing all the earlier gains and reducing reserves significantly below the levels inherited from the prior administration.
Dr. Bannor remarked that the decrease in gold reserves is particularly perplexing given Ghana’s otherwise robust external sector indicators during the same timeframe.
The data from the Bank of Ghana reveal that by December 2025, Gross International Reserves (GIR) had increased to US$13.83 billion, up from US$9.11 billion in December 2024.
Dr. Bannor contended that gold reserves, in contrast to other reserve assets, hold strategic significance for a gold-producing nation such as Ghana and should not be depleted without explicit public justification.
“Gold is not merely another reserve asset. It serves as a strategic store of value, particularly during periods of global uncertainty. A nearly 50 percent decrease in physical gold holdings within a span of three months cannot occur without a valid explanation,” he emphasized.
He additionally raised concerns regarding whether the gold was sold outright, used as collateral, exchanged for liquidity, or utilized under an off-market arrangement.
The Development Economist cautioned that the Bank of Ghana’s failure to adequately clarify the transaction could erode public trust in reserve management and monetary governance, especially at a time when transparency is vital for Ghana’s economic recovery.
Dr. Bannor called upon the central bank to furnish a comprehensive account of the decision-making process, detailing the amount of gold sold, the rationale behind the transaction, and the financial advantages gained.
“The public has a right to know what transpired with nearly 19 tonnes of Ghana’s gold within just one quarter,” he further asserted.
