Policy think tank Africa Policy Lens is calling on the Bank of Ghana to explain the sale of approximately 19.4 tonnes of the country’s gold reserves, raising concerns about the timing of the decision amid rising global demand and prices for gold.
Speaking at a press conference, the group’s Executive Director, Dr Hayford Ayerakwa, and senior member Wisdom Gomashie said data from the central bank indicates that Ghana’s gold reserves fell from around 38.04 tonnes to 18.6 tonnes in 2025, suggesting that nearly half of the nation’s holdings were sold.
Africa Policy Lens argued that the sale runs counter to global trends, noting that central banks worldwide are boosting gold reserves as a safe-haven asset amid ongoing economic uncertainty.
The group noted that the gold was reportedly sold when prices averaged around $4,000 per ounce, but current values are significantly higher, raising concerns about potential financial losses to the country.
Africa Policy Lens is calling on the Bank of Ghana to clarify the rationale behind the sale, specify which countries it considers Ghana’s “peers,” and explain why reserves were reduced despite forecasts of rising global gold prices.
The think tank also questioned the government’s plans to repurchase the gold under a new national reserve policy, insisting that the central bank provide full transparency on all related transactions.