Kojo Oppong Nkrumah chases Ato Forson to explain $1.2bn international reserves decline

The Ranking Member on Parliament's Economy and Development Committee, Kojo Oppong Nkrumah, has called on Finance Minister Dr Cassiel Ato Forson to account for the reported US$1.2 billion decline in Ghana's international reserves when he presents the 2026 Mid-Year Budget Review on Thursday, July 23.

Speaking during parliamentary deliberations on a report on monetary policy, macroeconomic developments and the performance of the banking sector on Wednesday, July 22, Mr Oppong Nkrumah questioned the significant reduction in the country's reserve holdings and demanded clarity on how the funds were utilised.

“$1.2 billion of our reserves is gone. What have you used it for? Because you have told us that you are not doing intervention and that it is proceeds from the forex market that you’re pumping. Mr Speaker, we expect that when the Finance Minister shows up on Thursday, July 23, he will tell us where this $1.2 billion has gone to.

“Because we cannot continue with this exercise of continuously intervening and calling it intermediation. And reducing reserves of this Republic, while at the backend, we’re just buying gold, whose sources are questionable for this enterprise,” he said.

Despite his concerns, the former Information Minister welcomed the Bank of Ghana's decision to discontinue financing the operations of GoldBod.

Also contributing to the debate, the First Deputy Minority Whip and Member of Parliament for Tolon, Habib Iddrisu, urged the Finance Minister not to seek additional funding in the upcoming mid-year budget review.

According to him, the government has yet to deliver on several major policy commitments, including the 24-hour economy initiative, the Women's Development Bank and job creation programmes, despite earlier budgetary allocations made to support those interventions.