The Majority Caucus in Parliament has rejected allegations by the Minority that the Bank of Ghana offloaded a substantial portion of its gold reserves to mask financial difficulties, insisting that the reported GH¢9.57 billion gain from gold-related transactions in 2025 reflects standard reserve management practices.

In a statement issued on Sunday, May 3, the Member of Parliament for Sagnarigu, Issah Atta, who also serves on the Finance Committee, accused the Minority of misinterpreting technical financial data and drawing conclusions that could misinform the public.

The Minority had earlier argued that the central bank is “policy insolvent,” claiming it can no longer sustain its core monetary functions without extraordinary interventions.

However, the Majority dismissed that claim, explaining that transactions involving gold are a routine part of central banking operations. According to the caucus, reserve management typically involves adjusting holdings across assets such as gold, foreign exchange, and other instruments to improve liquidity, security, and returns.

The statement noted that gains arising from such portfolio adjustments are valid and should not be dismissed simply because they are not consistent year after year.

The Minority had also contended that excluding the one-off gold gains would leave the central bank with an operational shortfall of about GH¢4 billion, describing it as evidence of deeper financial weakness. It further alleged that nearly half of the Bank’s gold reserves had been sold to support its balance sheet.

But the Majority rejected this interpretation, stating that central banks are assessed differently from commercial institutions and that financial stability should be judged based on the overall strength of the balance sheet, including reserves and sovereign backing.

It also denied claims of forced liquidation, maintaining that the Bank’s audited accounts point to deliberate and controlled portfolio adjustments rather than distress sales.

The caucus added that Ghana has in recent years pursued policies to build its gold reserves through domestic purchase programmes, a trend it said contradicts claims of depletion due to financial strain.

According to the Majority, the partial conversion of gold into liquid assets should be viewed within the broader economic context, including ongoing debt restructuring, currency pressures, and tightening global financial conditions.

The statement concluded that the developments reflect active management of the economy under challenging conditions, rather than signs of institutional collapse.