Deputy Finance Minister Thomas Nyarko Ampem has rejected suggestions that Ghana’s gold reserves have been depleted.
Speaking on GTV’s Breakfast Show, he said the Bank of Ghana’s approach involves converting part of its gold holdings into foreign exchange as part of its reserve management strategy.
“It is not something that we just spent. It is a conversion from gold reserve to gross international reserve,” he said.
According to him, the strategy has coincided with an increase in Ghana’s gross international reserves.
“Our gross international reserve, as at the end of 2024, was around $9.11 billion. As at the end of 2025, we had our gross international reserve to the tune of $13.82 billion,” he stated.
Mr Ampem explained that the Bank of Ghana considers fluctuations in global gold prices when managing reserves.
“The Bank of Ghana is having their own reserve management strategy, which is important for them to sell our gold and convert them into foreign exchange,” he said.
He argued that the increase in reserves should be viewed positively.
“If our gross international reserve is increasing, that is a plus,” he added.
