Governor of theBank of Ghana , Dr. Johnson Asiama, has moved to calm public concerns over the recent reduction in Ghana’s gold reserves, describing the decision as a deliberate strategy to rebalance the country’s external asset portfolio.
Speaking at the 128th Monetary Policy Committee (MPC) press briefing, Dr. Asiama explained that the country’s gold holdings had risen significantly above levels typically maintained by comparable central banks. At one point, gold accounted for a little over 40 per cent of Ghana’s reserve portfolio — far higher than the 20 to 25 per cent range held by many peer institutions.
According to him, the adjustment, which saw gold reserves decline from 30.5 tonnes to 18.6 tonnes, was aimed at diversifying the reserve mix and strengthening foreign exchange liquidity. He stressed that the proceeds from the gold sale have not been lost but converted into foreign exchange assets that continue to generate interest and support reserve accumulation.
“There is no cause for alarm,” Dr. Asiama assured. “We are rebuilding reserves continuously, and within the year, we expect to accumulate further. We will always assess what level of gold holdings is optimal for our portfolio.”
The Governor also addressed concerns about the timing of the move, particularly as global gold prices have surged to record highs above US$5,200 per fine ounce. He cautioned against assuming that current price trends would remain permanent, noting that gold prices are influenced by both temporary and structural global factors.
“What we are seeing now may be driven by transitory developments. It may not last, so it is important to be conservative in our assessment,” he said.
Dr. Asiama emphasised that the reduction in gold holdings does not signal a decline in Ghana’s overall reserves but rather reflects a strategic shift in asset composition. He reiterated the central bank’s commitment to managing the country’s reserves prudently to ensure stability and long-term economic resilience.
