Economic think-tank African Policy Lens (APL) has called for a thorough parliamentary inquiry into the Bank of Ghana’s recent divestment of gold reserves, raising serious concerns over transparency, timing, and policy coherence.
The call follows a comprehensive review by APL of the Central Bank’s Domestic Gold Purchase Programme (DGPP), launched in 2021 to bolster Ghana’s reserves, diversify assets, and stabilise the cedi.
From 8.74 tonnes in 2022 to 40.85 tonnes in 2025
At the time of the programme’s launch, the Bank of Ghana held 8.74 tonnes of gold.
By December 2024, this had risen to 30.53 tonnes, and with an additional 10.32 tonnes purchased in 2025, total holdings reached 40.85 tonnes.
However, in late 2025, the Bank divested approximately 22.24 tonnes on the international market, reducing holdings to 18.61 tonnes.
While the Bank insists the sale was routine, converting gold into liquid foreign exchange assets as part of standard reserve management, APL argues that the move contradicts global trends and came at a particularly inopportune time.
Counter-cyclical move
Between 2022 and 2025, central banks around the world accumulated more than 4,000 tonnes of gold amid geopolitical uncertainties and declining confidence in the U.S. dollar.
By 2025, investment demand accounted for 60% of global gold consumption, and projections placed 2026 gold prices between US$4,000 and $5,300 per ounce.
Against this backdrop, Ghana’s sale appears “counter-cyclical” and “in need of careful explanation,” according to APL fellow Engineer Wisdom Gomashie.
Gomashie emphasised that the rapid divestment of over 22.24 tonnes within a short period is unusual.
“Most central banks adjust reserve compositions gradually. Ghana’s scale and speed stand out as abrupt,” he said.
Policy coherence in question
The Bank of Ghana has since unveiled the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which largely mirrors the objectives of the original DGPP.
APL questions whether this is a genuine new policy or a rebranding intended to signal a fresh start after controversy over the 2025 divestment.
Of particular concern is the fiscal impact of selling gold in late 2025 at $3,900–4,200 per ounce and planning to rebuild reserves in 2026 at prices exceeding $5,000 per ounce.
The think-tank estimates that this timing could cost the country hundreds of millions of dollars.
US$214m losses in 9 months
APL is calling for a bi-partisan parliamentary inquiry into the US$214 million losses linked to the gold divestment.
The organisation is demanding full disclosure of transaction details, including counterparties, pricing benchmarks, Board approvals, and compliance with international reserve management best practices.
The think-tank also wants a temporary moratorium on further gold divestments until the inquiry is completed.
“This matter concerns national assets. Ghanaians must know what was sold, to whom, why, and what the country gained—or lost,” Gomashie emphasised.
RTI request submitted
APL has formally submitted a Right to Information (RTI) request to the Bank of Ghana covering 16 key aspects of the divestment, including quantities sold, pricing mechanisms, buyer identities, transaction structure, and the use of proceeds.
The organisation insists that public disclosure is critical to restoring confidence in the management of Ghana’s reserves.
Global comparisons and reserve benchmarks
APL also questions the Bank’s claim that divestment was necessary to reduce gold exposure to a “20–25% benchmark” of reserves.
Many developed economies—including the United States, Germany, Italy, and the Eurozone—hold 60–80% of reserves in gold, raising questions about the relevance of Ghana’s benchmark and the Bank’s comparison methodology.
Awaiting response
The Bank of Ghana has not yet publicly responded to the press conference or the RTI request.
Meanwhile, citizens, policymakers, and financial professionals are watching closely, awaiting clarity on one of the most consequential policy decisions in recent Ghanaian monetary history.
As Ghana navigates the complex world of reserve management, the need for transparency, public accountability, and careful parliamentary oversight has never been more critical.
The BoG’s divestment decision—and the questions surrounding it—highlight the importance of aligning national financial policies with global trends and the expectations of a vigilant public.
