The case of the controversial Bank of Ghana’s gold divestiture has been resurrected as a policy think tank, Africa Policy Lens, has formally written to request detailed information from the Central Bank on the transaction.
APL is seeking full disclosure of information regarding the reported divestiture of about 19 tonnes of the country’s gold reserves.
In a letter dated March 9, 2026, and submitted under the provisions of the Right to Information Act, 2019 (Act 989), the think tank is seeking full disclosure of the circumstances that led to the sale of part of Ghana’s gold holdings in the second half of 2025.
According to the group, gold reserves play a critical role in safeguarding Ghana’s macroeconomic stability and strengthening the country’s foreign reserves. It argues that public clarity on how the gold was handled is essential for transparency and accountability.
Key Information Requested
The letter cited by The High Street Journal is asking the BoG to respond to at least 20 questions. Among other requests, APL is asking the central bank to confirm the exact quantity of gold sold, including the precise weight in tonnes and ounces, during the third and fourth quarters of 2025.
It is also requesting the specific dates on which each transaction took place. In addition, the group wants the central bank to disclose the benchmark pricing method used to value the gold, including whether the transactions were based on reference prices from the London Bullion Market Association.
Africa Policy Lens is also demanding details on the average sale price per ounce obtained for the gold and the total proceeds realised from the transactions.
Buyers and Transaction Structure
Aside from the pricing details, the group is seeking transparency on who bought the gold.
The RTI request calls for full disclosure of the identities of the counterparties or purchasing entities, including their ownership structures and whether any local partners were involved in the transactions.
It is also requesting clarity on how the transactions were structured, including whether the gold was sold outright, swapped, leased, or transferred under any financial arrangement, and whether there were any buy-back clauses attached.
Movement of the Gold
The think tank has further asked the Bank of Ghana to explain how the gold was delivered or transferred, including the custodial chain.
It also wants confirmation on whether the gold was shipped out of the country and, if so, the dates of shipment.
Use of Proceeds
Another major area of interest is how the funds from the sale were used. The Africa Policy Lens is requesting information on which accounts received the proceeds, the currencies involved, and whether the funds were applied toward reserve management, debt servicing, or other government-related financial activities.
The organisation is also asking the central bank to disclose any financial advisers, consultants, bullion banks, or brokers involved in facilitating the transactions, as well as commissions or fees paid in the process.
Decision-Making Process
Crucial in the request is the demand for the policy reasoning behind the divestiture. It is asking the central bank to explain the strategic justification for selling the gold at the time, particularly in light of projections that global gold prices could continue rising.
The group further wants clarification on who authorised the decision, whether the Bank of Ghana’s board approved the sale, and whether the Ministry of Finance or Cabinet was involved or informed.
It also wants to know whether Parliament was notified about the decision to divest part of Ghana’s gold reserves.
The Bottomline
Finally, Africa Policy Lens is seeking clarification on who would be held accountable if the divestiture resulted in financial losses to the country.
The organisation has requested that the information be provided within the timelines stipulated under the Right to Information law.
The move is likely to intensify public discussion about the management of Ghana’s strategic gold reserves and the broader transparency surrounding reserve management decisions by the central bank.
