Minority demands transparency as reserve figures spark concern

The Minority in Parliament, led by Dr. Mohammed Amin Adam, demands transparency from the Bank of Ghana and Goldbod. They are concerned about inconsistencies in Ghana’s foreign exchange and gold reserve data.

In April 2025, reported foreign reserves were $10.6 billion. However, the Minority noted that reserve growth is lower than expected. This is surprising given Ghana’s large gold exports, cocoa receipts, and remittance inflows.

Dr. Amin Adam questioned if the Bank of Ghana is using unconventional forex operations. He also wondered if Goldbod is not fully transferring export proceeds to the central bank.

He urged both institutions to reconcile their figures transparently. They should submit a comprehensive account of forex movements to Parliament as required by Article 184 of the 1992 Constitution.

The Minority Finance Committee will carefully examine these reports. The statement highlighted that the NPP government built reserves exceeding the IMF's three-month import cover benchmark. By the end of 2024, they achieved four months' worth of reserves.

This strong buffer allowed for lifting IMF caps on BoG’s forex market interventions. The current NDC government has utilized this policy space well, injecting $590 million into the forex market in April 2025 alone.

Despite this progress, the Minority expressed disappointment with gold reserves growth under the current government. Since January 2025, gold reserves have increased by less than one metric ton compared to rapid growth under the NPP.

Dr. Amin Adam stressed that maintaining policy transparency is crucial for currency stability gains.