Johnson Asiama dismisses ‘wild’ $1.3bn gold loss claims by Bentil

The Bank of Ghana (BoG) Governor, Dr. Johnson Pandit Asiama has rejected claims by Kofi Bentil that Ghana lost $1.3 billion in a gold transaction.

Addressing journalists after the Monetary Policy Committee meeting, Dr. Asiamah described the allegation as misleading and lacking a factual basis, insisting the central bank’s reserve management remains deliberate and transparent.

Mr Bentil had earlier questioned the handling of Ghana’s gold reserves, warning that the reported sale of 18 tonnes could expose the country to significant losses and potential abuse.

“There is no sensible government anywhere in the world where somebody costs a poor country a billion dollars, and the person sits in their office,” he said. “The sale of 18 tonnes of Ghana’s gold reserves is wild and raises serious questions about whether the deal was properly handled and who may have benefited from it.”

He further suggested the transaction may have been driven by narrow interests, alleging it was rushed and susceptible to corruption.

In response, Dr Asiamah rejected the assertions and explained that the Bank of Ghana has shifted away from costly borrowing practices previously used to build reserves.

“In the past, we borrowed from the Eurobond market and engaged in swaps, which were very expensive ways to build reserves,” the Governor said. “Fortunately, now we do not have to borrow anymore. We are able to accumulate reserves organically and strengthen our resilience.”

He noted that Ghana’s gross international reserves now cover nearly 5.9 months of imports, providing a buffer against global shocks, including volatile oil prices and geopolitical uncertainty.

Dr Asiamah added that reserve accumulation is supported by broader economic measures beyond gold, including the expansion of non-traditional exports and stricter oversight of foreign exchange flows.

He pointed to enhanced monitoring of banks’ nostro accounts and new forex regulations as key steps ensuring that inflows are properly tracked and used for legitimate economic activity.

“This programme was put together with the Ministry of Finance and is all well thought through. The fine details are still being worked out, but we do not see the risks that have been suggested,” he added.