Policy think tank Africa Policy Lens has raised serious concerns over the government’s new gold accumulation strategy, arguing that Ghana could end up spending significantly more to repurchase gold it previously sold.
At a press conference addressing the government’s Ghana National Reserve Acceleration Programme, the think tank described the strategy as potentially “reckless,” warning it could impose a heavy financial burden on the state.
According to APL, the issue stems from the decision to sell a substantial quantity of gold only for the government to now plan to buy back similar volumes at significantly higher prices.
The Gold That Was Sold
APL estimates that the Bank of Ghana sold about 19.4 tonnes of gold in the last quarter of 2025.
In its analysis that used global price trends from the World Gold Council, the group said gold prices during the final quarter of 2025 ranged between $3,950 and $4,200 per ounce.
Working with an average price of $4,083 per ounce, APL estimated the value of the 19.4 tonnes sold.
In simple terms:1 tonne of gold = about 32,150 ounces, and therefore the 19.4 tonnes = 623,700 ounces. Multiplying that by the estimated average price gives about $2.55 billion.
This, APL suggests, that Ghana may have earned about $2.55 billion from selling the gold.
The Cost of Buying It Back
The controversy arises because the government now plans to rebuild its reserves under the Ghana National Reserve Acceleration Programme.
APL noted that projections within the programme anticipate gold prices could range between $5,000 and $5,500 per ounce, with some analysts forecasting prices as high as $6,000 per ounce in the coming years.
Using these projections, the group calculated a possible average buyback price of roughly $5,567 per ounce. Therefore, it indicated that if Ghana were to buy back the same 19.4 tonnes, the arithmetic changes dramatically.
Using the same quantity of about 623,700 ounces, the cost would be 623,700 ounces × $5,567 = $3.4 billion.
The Potential Loss
Comparing the two figures presents the concern raised by APL. The think tank maintains that the gold sold fetched Ghana about $2.55 billion. A few months later, the government is planning to buy back at an estimated cost of about $3.4 billion.
That difference suggests Ghana could effectively spend between $700 million and $1.2 billion more to rebuild the same reserves.
APL argues that such an outcome reflects a costly policy reversal. For the think tank, the country sold gold at one price and is now preparing to buy it back at a much higher price.
Who Ultimately Pays?
Beyond the arithmetic, the think tank warned that the financial consequences of the buyback strategy could ultimately fall on taxpayers.
Because the government does not have immediate funds to repurchase the gold, APL said the acquisitions are likely to occur gradually over the coming years, potentially at even higher market prices.
If global forecasts prove correct and gold prices continue rising toward $5,500 or even $6,000 per ounce, the total cost of rebuilding reserves could climb further.
The Bottomline
APL said it intends to seek detailed answers through information requests to clarify the exact volumes sold, prices received, and terms of the buyback plan.
It cannot fathom why the state sold large quantities of gold at lower prices only to plan to buy them back later at significantly higher prices; a decision the think tank sees as reckless.
