Ghana's decision to sell a significant portion of its gold reserves has ignited a heated debate, with former Finance Minister Dr. Mohammed Amin Adam expressing deep concerns, while GoldBod CEO Sammy Gyamfi staunchly defends the move as a strategic and prudent measure.

Dr. Mohammed Amin Adam, in an extensive write-up, raised alarms over the government's sale of half of Ghana’s total gold reserves last year, which he argues has depleted the nation’s accumulated reserves. He questioned the rationale behind liquidating reserves that the erstwhile NPP government had meticulously built from a meagre 8.8 tonnes to over 30 tonnes through the Gold for Reserves Policy. Dr. Adam accused the government of selling half of these accumulated reserves, generating approximately US$1.5 billion in financial gains, primarily to hide potential 2025 losses. He emphasized that this action "raises serious concerns about policy consistency and balance sheet management," viewing it as a fundamental shift from reserve accumulation towards balance sheet repair. He further challenged the Central Bank to prove that the sale was not undertaken to cover huge losses recorded in 2025, questioning the sustainability of offsetting operational losses through such sales and implying poor management of the Bank of Ghana.

Conversely, Sammy Gyamfi, CEO of GoldBod, mounted a spirited defense of the Bank of Ghana’s controversial decision. He pointed to a sharp downturn in the global bullion market, with gold prices reportedly sliding from a record high of approximately $5,500/oz to around $4,680/oz in just a few weeks, as vindication for the BoG's strategic portfolio rebalancing. Mr. Gyamfi argued that while gold is traditionally a "safe haven," it remains susceptible to significant price volatilities that can threaten reserve preservation, particularly for a middle-income country like Ghana with Gross International Reserves of barely 5.7 months, necessitating a diverse asset base. He maintained that safety and liquidity must be paramount in managing national reserves and described the conversion of gold into cash for investment returns as a "SAFE and sensible" move by the BoG leadership.

Mr. Gyamfi clarified that the Bank of Ghana converted approximately 22 tons of gold into U.S. dollars. He asserted that these funds were subsequently added to the national reserves and invested to generate active returns for the country, thus ensuring "no national asset was lost" as its value simply shifted from physical bullion to liquid currency and interest-bearing investments. He credited the BoG team, led by Dr. Asiamah, for their foresight in executing the sale before the current market slump, thereby cushioning Ghana’s reserve position against the collapse in global gold prices. Gyamfi concluded by praising the BoG team and calling for an end to what he termed "unjust" attacks, framing the move as a tactical shift to ensure the nation's financial buffers remain resilient rather than a loss of wealth.