<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
<periodOfReport>2003-07-07</periodOfReport>
<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000834933</issuerCik>
        <issuerName>ACM GOVERNMENT OPPORTUNITY FUND INC</issuerName>
        <issuerTradingSymbol>ACM</issuerTradingSymbol>
</issuer>
<reportingOwner><reportingOwnerId>
            <rptOwnerCik>0000022272</rptOwnerCik>
            <rptOwnerName>COMBINED INSURANCE CO OF AMERICA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeSecurity><securityTitle><value>Common Stock</value>
</securityTitle>
<transactionDate><value>2003-07-07</value>
</transactionDate>
<transactionCoding><transactionFormType>4</transactionFormType>
<transactionCode>S</transactionCode>
<equitySwapInvolved>0</equitySwapInvolved>
</transactionCoding>
<transactionAmounts><transactionShares><value>6100</value>
</transactionShares>
<transactionValue><value>9.2787</value>
</transactionValue>
<transactionAcquiredDisposedCode><value>D</value>
</transactionAcquiredDisposedCode>
</transactionAmounts>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>4274536</value>
<footnoteId id="F1"></footnoteId>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</nonDerivativeSecurity>
<footnotes><footnote id="F1">(1) The designated Reporting Person is filing this Form 4 on behalf of itself and Aon Corporation ("Aon") and Aon Advisors, Inc. ("Advisors").(2) Aon, Advisors and the Reporting Person share the address reported herein.  Aon's I.R.S. Identification Number is 36-3051915.  Advisors' I.R.S. Identification Number is 54-1392321.(3) Advisors indirectly beneficially owns the securities being reported due to its status as investment adviser to the Reporting Person.  Aon also indirectly beneficially owns such securities due to its status as the parent corporation of both the Reporting Person and Advisors.</footnote>
</footnotes>
<ownerSignature><signatureName>Jennifer L. Kraft pursuant to a power of attorney</signatureName>
<signatureDate>2003-07-09</signatureDate>
</ownerSignature>
</ownershipDocument>

