Data from the central bank of Ghana has confirmed former Vice President Dr. Bawumia's claims that the Mahama-led government hasn't added even a single tonne of gold to the country's reserves since it began its tenure.He made these claims during a recent address to the Young Executive Forum in London on Monday, 19 May.

“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 analysis of data from the Bank of Ghana corroborates this claim.

However, some political figures and analysts challenged the broader narrative surrounding Ghana’s gold reserves and economic policies.

Ghana’s gold reserves stood at 8.78 tonnes as of the end of May 2023.

However, the reserve saw a sharp rise in December 2024 with an increase of over 21.75 tonnes.

Since the NDC assumed office in January 2025, growth in gold reserves has been modest.

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.