BoG Governor: Gold Sale Was Portfolio Rebalancing (Funds Still in Reserves, Not Asset Loss)
Johnson Asiama, the Governor of the Bank of Ghana, has defended the sale of 18 tonnes of Ghana’s gold, saying that it was part of a normal portfolio rebalancing and not a loss of national assets. On March 9, he spoke to the Ghanaian Parliament’s Committee on Economy and Development. He said that the gold was turned into foreign exchange assets that are still part of Ghana’s international reserves. These assets are being actively invested to make money and strengthen the country’s external buffers. Dr. Asiama said that the move was necessary because gold prices around the world had gone up by about 62% between January and October 2025, which made gold about 42% of Ghana’s Gross International Reserves and created concentration risk. He said that institutions like the International Monetary Fund and the World Gold Council recommend that countries have a variety of reserves. He also said that the rebalancing was meant to make Ghana’s reserves more liquid, diverse, and resilient so that they could help stabilize the foreign exchange market, pay for imports, and deal with shocks from outside the country.
