Just as the controversial debate on the Bank of Ghana’s (BoG) decision to offload about half of the country’s gold reserves was dying out, a fresh allegation has erupted in Parliament, with the Minority raising serious allegations of possible insider trading and demanding a full bipartisan investigation into the transaction.
The latest concerns were raised by Dr. Gideon Boako, the legislator for Tano North, who is also a member of Parliament’s Finance Committee.
Speaking on the floor of the House, the lawmaker questioned the rationale behind the sale of approximately 18 tonnes of Ghana’s gold reserves between September and December 2025.
The financial economist and a lecturer argues that the timing and circumstances surrounding the transaction raise troubling questions that must not be ignored.
Why the Minority Is Suspicious
Dr. Boako argued that the decision to sell such a large portion of Ghana’s gold reserves appeared unnecessary, especially at a time when the country reportedly had adequate or excess foreign exchange buffers.
This, he suggested, raises questions about the underlying motivation behind the transaction.
“At the time we were selling Ghana’s gold, 18 tonnes, we had excess foreign exchange reserves. So there was no need for that,” he stated on the floor of parliament.
Gold reserves typically serve as a strategic asset for central banks, providing financial security during economic shocks and supporting currency stability. Selling a significant portion of such reserves, the Minority insists, therefore requires strong economic justification.
However, the Minority believes the explanation so far has not been sufficient.
The Price Timing Question
Another issue fueling the suspicion is the price at which the gold was reportedly sold. Dr. Boako told Parliament that the reserves were disposed of at about $3,500 per ounce.
However, he cannot fathom why, within months of the sale, the price of gold surged significantly, prompting government officials to indicate that Ghana may need to accumulate more gold again as part of its reserve management strategy.
To the Minority, this sequence of events raises troubling questions. He is doubtful that the BoG will sell the gold at a lower price, and a few months later, come back to say the country needs to buy more gold again at a much higher price.
Allegations of Possible Insider Trading
The MP said the timing of the transaction creates a troubling possibility that individuals with prior knowledge of expected price movements may have benefited from the sale.
In his view, it is possible that certain individuals within government circles may have anticipated the future rise in gold prices and used that information to acquire the reserves cheaply.
He warned that if that scenario were true, the country could be facing a serious attempt to exploit national resources for private gain.
“Mr. Speaker, I suspect insider trading in the sale of the gold reserves, insider trading in the sense that some people somehow in government knew that the gold prices were going to go high, they sold it cheap to themselves, and today they want to sell it back to the Ghanaian people and profit from that,” he alleged.
Questions About Who Bought the Gold
The Minority is also demanding transparency about the buyers involved in the transaction. Dr. Boako said Parliament must be informed about who exactly purchased the 18 tonnes of gold and whether the bullion has already been shipped out of the country.
Without answers to these questions, he warned, the country risks allowing individuals to profit from the difference between the initial sale price and the later higher market price.
“Who bought the 18 tonnes of gold? Has the gold been shipped out of the country? If it is not shipped out of the country, we should know who bought it,” he noted.
He added, “We shall not 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.”
The Call for a Bipartisan Inquiry
In the view of the Minority, given the seriousness of the matter, the Tano North legislator is calling for a bipartisan investigation involving both the Majority and Minority in Parliament.
According to him, only an independent parliamentary inquiry can determine whether the transaction was conducted in the national interest or whether there was any wrongdoing.
“We need a bipartisan enquiry into the sale of the 18 tonnes of gold in this country,” he insisted.
Such an investigation, he argued, would help establish transparency and restore public confidence in the management of Ghana’s strategic reserves.
A Debate That Refuses to Fade
The controversy over the gold reserves has become one of the most contentious economic debates in recent months.
The Bank of Ghana had earlier explained that the reduction in gold holdings was part of a broader reserve management strategy aimed at diversifying assets and strengthening liquidity.
But the Minority insists that the explanation does not adequately address the timing and pricing concerns surrounding the transaction.
Meanwhile, days after the allegations by the member of the finance committee of parliament, the BoG is yet to officially respond.
