Policy think tank Africa Policy Lens (APL) has stepped up scrutiny of the Bank of Ghana over its controversial decision to divest nearly half of the country’s gold reserves in late 2025.
The call for greater transparency follows a press conference held in Accra on Tuesday, March 10, where the organisation outlined concerns about the timing and scale of the gold sales.
Addressing journalists, APL fellow Engineer Gomashie said the think tank had “serious reservations” about the transactions, particularly at a time when global gold prices were soaring and central banks around the world were increasing their gold holdings.
During the briefing, APL revealed it had submitted a formal request under the Right to Information Act, 2019 (Ghana) seeking detailed disclosures from the central bank. The request covers 16 aspects of the gold sale, including the quantity sold, the pricing benchmarks used, the identities of buyers, the structure of the transactions, and how the proceeds were utilised.
“The public deserves clarity,” the organisation stated.
Mr. Gomashie described the reserve sale as a decision with far-reaching implications for Ghana’s monetary stability, stressing that greater transparency is needed to restore public confidence.
He noted that while Ghana was divesting about 19.4 tonnes of gold within just three months, several central banks—including those in China, Poland, Turkey, Tanzania, Kenya, and Brazil—were actively increasing their reserves.
Citing data from the World Gold Council, APL said global gold demand in 2025 climbed to nearly 5,000 tonnes, with the precious metal hitting more than 50 record highs during the year.
“This was not a period when central banks were selling,” Mr. Gomashie said. “It was a period when the world was buying.”
The think tank also questioned the Bank of Ghana’s strategy of selling gold at an average market range of about US$3,900–4,200 per ounce, while later signalling plans to rebuild reserves when prices exceed US$5,000 per ounce.
According to APL, such timing could potentially cost the country hundreds of millions of dollars in replacement value.
Questions over reserve policy
APL also challenged the central bank’s explanation that the divestment was a routine effort to rebalance reserves and reduce gold exposure in line with an alleged global benchmark of 20–25 percent.
The think tank argued that the comparison does not reflect global realities, pointing out that major economies such as the United States, Germany, and Italy—as well as the European Central Bank system—hold between 60 and 80 percent of their reserves in gold.
“Which peers was the Bank comparing Ghana to?” Mr. Gomashie asked. “And did any of those peers sell nearly half their holdings within a single quarter?”
APL also raised concerns about what it described as a shift in policy direction—from the Domestic Gold Purchase Programme (DGPP) to the Ghana Accelerated National Reserve Accumulation Policy (GANRAP)—which it says raises questions about consistency in the country’s reserve management strategy.
Call for parliamentary probe
The organisation has called for a bipartisan investigation by the Parliament of Ghana into two key issues:
• the reported US$214 million losses linked to the Gold4Reserves programme, and
• the fourth-quarter 2025 divestment of 19.4 tonnes of gold.
APL wants lawmakers to determine whether the central bank’s board approved the transactions, whether the Presidency and Cabinet were formally notified, whether the pricing mechanisms protected Ghana’s interests, and whether the sales complied with international best practices in reserve management.
Awaiting response from the central bank
APL says it expects the Bank of Ghana to respond within the timeframe stipulated under the Right to Information law.
“This involves national assets,” Mr. Gomashie stressed. “Ghanaians deserve to know what was sold, to whom, why it was sold, and what the country ultimately gained—or lost.”
So far, the Bank of Ghana has not publicly responded to either the press conference or the RTI request.