The Majority in Parliament has pushed back strongly against claims by the Minority that the Bank of Ghana (BoG) used proceeds from gold transactions to conceal financial weakness in its 2025 accounts.
Attah Issah, Member of Parliament for Sagnarigu and a member of Parliament’s Finance Committee, described the Minority’s interpretation of the central bank’s financial statements as misleading and based on a poor understanding of how central banks operate.
His response follows allegations by the Minority caucus that the BoG’s reported GH¢5.5 billion surplus was artificially boosted by a one-off GH¢9.6 billion gain from gold sales.
Addressing the media on Sunday, Minority spokesperson and Ofoase Ayirebi MP, Kojo Oppong Nkrumah, argued that without the gold-related income, the Bank would have posted a deficit of about GH¢4 billion.
According to him, the BoG reported income of GH¢22.2 billion against Open Market Operations (OMO) costs of GH¢16.7 billion, but the figures included the GH¢9.6 billion gain from gold transactions.
“If you remove that one-off gain, the Bank is left with a deficit position, which points to policy insolvency,” he claimed, adding that the central bank had rushed to sell half of its gold reserves to cover up its weak financial position.
However, Attah Issah rejected the accusation, insisting that gains from gold transactions are legitimate components of central bank income.
He explained that the BoG actively manages reserve assets, including gold, foreign currencies, and other instruments, as part of its core mandate to maintain liquidity, safety, and returns.
“The suggestion that the GH¢9.6 billion gain is somehow illegitimate simply because it came from gold transactions is misleading,” he said.
“Central banks across the world regularly rebalance their reserves between currencies, gold, and other assets. These gains are part of prudent reserve management.”
He also dismissed claims that the BoG was engaging in speculative gold trading.
“The Bank is not a speculative trader, but it is fully engaged in reserve management. When gold prices rise significantly, it is standard practice for central banks to rebalance holdings and realise gains,” he stated.
According to him, such actions became particularly necessary at a time when Ghana was dealing with external financing constraints and pressure on the cedi.
Attah Issah further argued that the Minority’s attempt to isolate the gold gains and present the Bank as insolvent reflects a misunderstanding of how central bank solvency is measured.
“Central banks are not commercial institutions. Policy solvency is not determined by a single year’s operating income minus expenses,” he explained.
He said the strength of a central bank is assessed based on its entire balance sheet, including reserves, revaluation buffers, and sovereign support.
The Sagnarigu MP also denied allegations that the BoG had hurriedly sold 50 per cent of its gold reserves to hide financial distress.
According to him, the audited financial statements do not indicate any distress sale, but rather show a carefully managed portfolio adjustment.
He pointed to Ghana’s ongoing domestic gold purchase programme as evidence that the country is still actively building its reserves rather than depleting them.
“Financial statements reflect actual realised outcomes within a given period. The proper interpretation is that part of the surplus came from favourable asset conditions and active management. This was fully disclosed,” he noted.
“There is no concealment.”
Attah Issah concluded that the BoG’s actions should be viewed within the context of the difficult economic conditions Ghana has faced in recent years, including debt restructuring, global financial tightening, and exchange rate pressures.
“In such circumstances, active balance sheet management and asset reallocation are not signs of collapse,” he said.
“It is evidence of management responding to pressure and working to stabilise the economy.”
