Former Vice President Dr. Mahamudu Bawumia recently made one such claim, which has stirred national interest—and it's been verified as true.
During a public address to the Young Executive Forum in London, Ghana’s former Vice President, Dr. Bawumia, asserted that the opposition National Democratic Congress (NDC), during their entire eight-year administration, added less than one tonne of gold to Ghana’s national reserves. At first glance, this might sound like a political jab, but the data backs him up.
“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.”
According to figures sourced from the Bank of Ghana (BoG) and reviewed by JoyNews' Fact-Check Team, Ghana's gold reserves stood at 8.7 tonnes at the end of 2016, when the NDC left office. Fast forward to 2024 under the New Patriotic Party (NPP) government, and gold reserves had jumped significantly to 19.2 tonnes.
This represents a net increase of over 10 tonnes of gold added to the central bank’s holdings within eight years under the NPP.
So, what does this mean for Ghana?
It’s more than just numbers. Gold reserves form a critical part of a country's foreign exchange buffer, especially for an economy like Ghana’s, which is prone to currency volatility and external debt pressure. A higher reserve not only boosts investor confidence but also enhances the central bank’s ability to stabilize the cedi.
Dr. Bawumia also credited the remarkable increase to the Gold for Reserves Programme — a bold initiative spearheaded by the Bank of Ghana to purchase gold directly from local producers rather than relying solely on exports and the global market.
While the debate between the NDC and NPP continues, one fact is clear: under the NPP’s administration, Ghana’s gold reserves have seen their largest jump in decades.
This fact-check doesn’t attempt to assign political points, but in a country where natural resources are often under-leveraged, citizens must track how these resources are being utilized to support long-term economic resilience.
Since the NDC assumed office in January 2025, growth in gold reserves has been modest.
By the end of April 2025, reserves went up to 31.37 tonnes, marking a net addition of 0.84 tonnes, below the one-tonne threshold cited by Dr. Bawumia.
Data from the central bank supports Dr. Bawumia's assertion that since entering office, the NDC government has not increased Ghana's gold reserves by one tonne.
