The Bank of Ghana says it did not lose money from selling part of its gold reserves. It explained that the gold was converted into foreign exchange assets, not written off. The FX remains part of Ghana’s international reserves and is being actively invested. The move was part of a planned strategy to diversify the reserve portfolio. Gold holdings had risen above 40% of total reserves due to high global prices.
BoG reduced this to align with international best practice of about 20–25%. Proceeds were invested in liquid FX assets and fixed-income instruments. The Bank insists the decision was prudent, strategic, and not a crisis response.
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