Dr. Gideon Boako, the Member of Parliament for Tano North and Deputy Ranking Member on the Finance Committee, has demanded a bipartisan enquiry into the Bank of Ghana’s (BoG) controversial liquidation of 18 tonnes of gold reserves.
The lawmaker’s call for a high-level probe follows startling revelations that the nation’s bullion was offloaded between September and December 2025 at prices far below current market valuations.
Dr. Boako contends that the timing and execution of these sales suggest a “criminally-minded attempt” to deplete national resources, particularly as the state reportedly held excess foreign exchange reserves at the time of the transaction.
“We need a bipartisan enquiry into the sale of the 18 tonnes of gold in this country. I suspect insider trading in the sense that some people in government knew gold prices were going to go high, sold it cheap to themselves, and today they want to sell it back to the Ghanaian people and profit from that disparity. If that is the case, then there is a criminal attempt to steal and loot the gold resources of our country.”
Dr. Gideon Boako.
The Tano North legislator raised these alarms on the floor of Parliament, highlighting a staggering price disparity that has left the Ghanaian economy vulnerable.
According to Dr. Boako, the 18 tonnes were sold at a rate of $3,500 per ounce, yet merely months later, the Finance Ministry is seeking to restock the same reserves at a premium of $5,500 per ounce.
This $2,000-per-ounce gap represents a massive loss in potential sovereign wealth, leading to suspicions of “insider trading” where government actors may have facilitated cheap sales to private entities only to repurchase the gold at the public’s expense.
The Economic Fallout of the “Sell-Low, Buy-High” Strategy
The implications of Dr. Boako’s allegations extend beyond mere administrative oversight; they point to a fundamental breakdown in the fiduciary management of Ghana’s extractive wealth.
In the world of precious metals, gold serves as a primary hedge against inflation and currency volatility. By liquidating nearly 600,000 ounces of gold at $3,500, the Bank of Ghana effectively walked away from over $1.2 billion in appreciation gains that would have accrued had the gold remained in the vault until the 2026 price surge to $5,500.
“What is happening in this country is so bad,” Boako lamented, noting that the rationale for the sale remains shrouded in mystery.
He challenged the government’s narrative, pointing out that since the country already had “excess foreign exchange reserves,” there was no urgent fiscal pressure necessitating the disposal of such a significant portion of the national heritage.
This lack of economic necessity reinforces Hon. Boako’s demand for a bipartisan enquiry to uncover the identities of the buyers and determine if the gold ever actually left the country.
Market Transparency and the Spectre of Insider Trading
Dr. Boako’s suspicion of “insider trading” hinges on the premise that the beneficiaries of the $3,500 sale were aware of the projected upward trajectory of gold prices.
If these individuals or entities are the same ones now offering to sell gold back to the state under the new Ghana Accelerated National Reserve Accumulation Policy (GANRAP), the transaction would constitute one of the largest transfers of public wealth to private hands in recent history.
The lawmaker’s insistence on a bipartisan enquiry is a move to ensure that the investigation is not buried by partisan interests.
He argued that “we cannot sit down for those who bought the gold cheap to come back, sell it to us at exorbitant prices and benefit from that price disparity.”
This demand for accountability is crucial for maintaining the integrity of the extractive sector, which serves as the backbone of Ghana’s export revenue.
Protecting Ghana’s Extractive Future
The call for an enquiry serves as a warning to those managing the nation’s natural resources. Dr. Boako’s intervention seeks to establish a precedent where the liquidation of sovereign assets must be backed by clear, public-facing economic justifications.
He questioned the logistics of the sale, asking, “Has the gold been shipped out of the country? If it is not shipped out of the country, we should know who bought it.“
As the Finance Ministry prepares to implement its new reserve accumulation strategy, the “shadow of the 18 tonnes” remains a significant political and economic hurdle.
Without the bipartisan enquiry demanded by the Tano North MP, the public’s trust in the Bank of Ghana’s ability to act as a neutral custodian of wealth remains compromised.
The legislative push for answers is not merely about past losses but about safeguarding the remaining gold reserves from future “criminally-minded” attempts at exploitation.
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