General
Verified: Bawumia’s claim NDC gov’t has added less than one tonne of gold to reserves true
During a recent address to the Young Executive Forum in London, Ghana’s former Vice President, Dr Mahamudu Bawumia, claimed that the current NDC administration has yet to add even a single tonne of gold to the country’s official reserves. CLAIM: “Sixty-five years after independence, we had ...
MyJoyOnline
published: May 21, 2025
During a recent address to the Young Executive Forum in London, Ghana’s former Vice President, Dr Mahamudu Bawumia, claimed that the current NDC administration has yet to add even a single tonne of gold to the country’s official reserves.
CLAIM: “Sixty-five years after independence, we had only 8.7 tonnes of gold reserves. But in just two years, we increased that to 30 tonnes—a significant buffer for our currency. Since the NDC took over, they haven’t added even one tonne.”
An examination of data from the Bank of Ghana corroborates this claim.
As of end-May 2023, Ghana’s gold reserves stood at 8.78 tonnes.
By December 2024 reserves had risen sharply to 30.53 tonnes, an increase of 21.75 tonnes.
Since the NDC assumed office in January 2025, growth in gold reserves has been modest.
Read Also: If not for Gold-for-Oil, our economy would have collapsed – Bawumia
By end-April 2025, reserves had inched up to 31.37 tonnes, marking a net addition of 0.84 tonnes—below the one-tonne threshold cited by Dr. Bawumia.
VERDICT: Dr. Bawumia’s claim that the NDC government has not added a full tonne of gold to Ghana’s reserves since taking office is supported by data from the central bank.
Read Also: ‘NDC has no policy behind cedi gains’ – Bawumia dismisses credit for currency stability
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