Dr Frank Bannor, a Development Economist and Senior Research Fellow at the Institute of Economic Research and Public Policy (IERPP), has called on the Governor of the Bank of Ghana (BoG) to publicly explain the sharp and unexplained decline in Ghana’s gold holdings, as revealed in the central bank’s latest External Sector Developments data.
According to official Bank of Ghana figures, Ghana’s gold holdings fell drastically from 37.1 tonnes in September 2025 to 18.6 tonnes by December 2025, representing a loss of 18.5 tonnes within a single quarter.
Dr Bannor described the development as “deeply concerning,” particularly given the speed and scale of the drawdown.
“Can the Governor of the Bank of Ghana explain why Ghana’s gold holdings have fallen from 37.1 tonnes in September 2025 to 18.6 tonnes in December 2025?” Dr. Bannor asked.
“It is important to note that the New Patriotic Party (NPP) administration left Ghana’s gold reserves at 30.5 tonnes in December 2024.”
Sudden depletion
Data published by the Bank of Ghana show that at the end of December 2024, Ghana’s gold holdings stood at 30.5 tonnes. In the course of 2025, Ghana’s gold reserves initially followed an upward trajectory, rising to 31.0 tonnes in March 2025, increasing further to 33.0 tonnes in June 2025, and peaking at 37.1 tonnes in September 2025.
However, the trend reversed sharply in the final quarter of the year, with holdings plunging to 18.6 tonnes by December 2025, wiping out all the gains made earlier in the year and pushing reserves well below the level inherited from the previous administration.
Contradiction
Dr Bannor noted that the decline in gold holdings is particularly puzzling given Ghana’s otherwise strong external sector indicators during the same period.
The Bank of Ghana’s data show that by December 2025, Gross International Reserves (GIR) had risen to US$13.83 billion, up from US$9.11 billion in December 2024.
Transparency
Dr Bannor argued that gold reserves, unlike other reserve assets, carry strategic importance for a gold-producing country like Ghana and should not be drawn down without clear public justification.
“Gold is not just another reserve asset. It is a strategic store of value, especially in times of global uncertainty. A near 50 per cent reduction in physical gold holdings within three months cannot pass without explanation,” he stressed.
He further questioned whether the gold was sold outright, pledged as collateral, swapped for liquidity, or used under an off-market arrangement.
Public confidence?
The Development Economist warned that failure by the Bank of Ghana to clearly explain the transaction could undermine public confidence in reserve management and monetary governance, particularly at a time when transparency remains critical to Ghana’s economic recovery.
Dr Bannor urged the central bank to provide a full account of the decision-making process, including the volume of gold disposed of, the purpose of the transaction, and the financial benefits derived.
“The public deserves to know what happened to nearly 19 tonnes of Ghana’s gold in just one quarter,” he further stated.
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