African Policy Lens (APL) is calling for a deeper probe into the Bank of Ghana’s recent gold‑reserve divestment after a comprehensive review raised concerns about transparency, timing, and policy coherence.
The assessment—circulating among economic observers and parliamentary committees—details the evolution of the Domestic Gold Purchase Programme (DGPP) launched in 2021 to strengthen Ghana’s reserves, diversify assets, and stabilise the cedi. Under the initiative, the Bank of Ghana increased its gold holdings from 8.74 tonnes to 30.53 tonnes by the end of 2024, and further to 38.04 tonnes by October 2025.
However, in the final quarter of 2025, reserves dropped drastically by about 18 tonnes. The Central Bank insists that this was not a loss but a routine conversion of gold into foreign‑exchange assets in line with reserve‑management practices. It emphasised that proceeds were reinvested into “high‑quality, liquid assets,” guided by external fund managers.
However, in the opinion of the think-tank, the divestment contradicts global reserve behaviour and gold‑market conditions at the time. Between 2022 and 2025, central banks collectively purchased more than 4,000 tonnes of gold—the strongest buying streak in modern history—as geopolitical risks and declining confidence in the U.S. dollar pushed gold into renewed prominence.
By 2025, investment demand accounted for 60% of global gold consumption, gold had overtaken the euro as the world’s second‑largest reserve asset, and projections from global institutions placed 2026 price expectations between US$4,000 and US$5,300/oz.
In contrast, Ghana’s decision to divest gold against this backdrop appears “counter‑cyclical” and “in need of careful explanation,” according to observers. The scale and speed of the sale raise additional questions. Many central banks adjust reserve compositions gradually; Ghana’s estimated 19.4‑tonne sale over a brief period stands out as unusually abrupt.
The subsequent unveiling of the Ghana Accelerated National Reserve Accumulation Policy (GANRAP) has added to the scrutiny. APL argues that GANRAP largely mirrors the objectives of DGPP, prompting questions about policy continuity and whether the rebranding is meant to signal a fresh start amid controversy. More critically, the apparent shift from selling gold in late 2025 to targeting rapid accumulation in 2026 could impose significant fiscal costs, given the steep rise in gold prices.
APL is calling for:
- A bi‑partisan parliamentary inquiry into the US$214 million losses and the divestment event.
- Full disclosure of the transaction details, counterparties, pricing benchmarks, and Board approvals.
- A temporary moratorium on further divestments pending the outcome of the investigation.
As gold continues to surge globally, the BoG’s decision remains one of the most consequential—and contested—policy actions of the past year. Citizens, policymakers, and financial professionals alike are awaiting clearer answers.
