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A new policy analysis by the Institute of Political Studies–Ghana (IPS-Ghana) has raised serious concerns over Ghana’s recent gold reserve decisions, warning of an estimated $1.27 billion financial cost linked to the Bank of Ghana’s (BoG) sale and planned repurchase of gold.
According to the report, the BoG liquidated approximately 18.5 metric tonnes of gold in the final quarter of 2025 about half of its total holdings at the time at a price of $3,500 per ounce, generating roughly $2.22 billion in proceeds.
However, just three months later, the government introduced the Ghana Accelerated National Reserve Accumulation Policy (GHANRAP) 2026–2028, which includes plans to repurchase the same quantity of gold at $5,500 per ounce. This would cost an estimated $3.49 billion, resulting in a projected loss of about $1.27 billion from the round-trip transaction.
IPS-Ghana described the sequence of events as a major policy inconsistency, questioning the rationale behind selling a strategic reserve asset during a period of rising global gold prices, only to plan a buyback at a significantly higher cost shortly after.
The report noted that gold prices had been on a sustained upward trend throughout 2024 and 2025, driven by global economic uncertainty and increased demand from central banks. It added that the BoG’s sale price appeared to be below prevailing market rates at the time, raising concerns about whether the transaction was executed through forward contracts or other non-transparent arrangements.
“The timing of the sale and the subsequent buyback plan do not reflect disciplined reserve management,” the report stated, calling for urgent clarification from the central bank on the pricing mechanism and decision-making process.
IPS-Ghana further questioned the necessity of the sale, pointing out that Ghana’s gross international reserves had shown signs of recovery, supported by an ongoing IMF programme and easing domestic liquidity conditions.
The policy think tank also raised concerns about the credibility of GHANRAP, arguing that a reserve accumulation strategy that begins with repurchasing recently sold assets at a 57 percent premium undermines confidence in economic governance.
To ensure accountability, IPS-Ghana is calling for a parliamentary inquiry into the transaction, as well as an independent review by the Auditor-General. It also urged the Bank of Ghana to publish a detailed report explaining the circumstances surrounding the sale, including pricing decisions, counterparties involved, and internal approvals.
Additionally, the Ministry of Finance has been asked to clarify how the planned repurchase will be funded and whether it has been factored into the national budget.
The report warned that beyond the financial implications, the episode could damage investor confidence and weaken the credibility of Ghana’s broader macroeconomic recovery, which has seen improvements in inflation, exchange rate stability, and external reserves in recent months.
IPS-Ghana concluded that restoring public trust will require urgent transparency and stronger governance measures to prevent similar policy missteps in the future.
Yaw Boagyan
