A fresh controversy has erupted in Parliament of Ghana after the Minority caucus raised allegations of possible insider trading related to the Bank of Ghana decision to sell about 18 tonnes of the country’s gold reserves between September and December 2025.
The concerns were raised by Gideon Boako, Member of Parliament for Tano North and a member of the parliamentary Finance Committee, who is demanding a full bipartisan investigation into the transaction.
Dr. Boako questioned both the timing and pricing of the sale, arguing that the circumstances surrounding the transaction raise serious questions that require parliamentary scrutiny.
📢 GET A DETAILED ARTICLES + JOBS
Join ASJ's WhatsApp Channel and never miss a post or opportunity.
Minority Questions the Need for the Gold Sale
Speaking on the floor of Parliament, the lawmaker argued that the decision to dispose of such a significant portion of Ghana’s gold reserves appeared unnecessary at the time it was carried out.
According to him, Ghana reportedly had adequate foreign exchange reserves, making the move difficult to justify from a reserve management perspective.
“At the time we were selling Ghana’s gold, 18 tonnes, we had excess foreign exchange reserves. So there was no need for that,” Boako told lawmakers.
Gold reserves are typically considered strategic assets for central banks, helping countries maintain financial stability during economic shocks and supporting the strength of national currencies.
Because of this, the Minority believes the decision to sell such a large quantity of gold should have been supported by stronger economic justification.
Concerns Over Gold Price Timing
Another key issue raised by the Minority concerns the price at which the gold was reportedly sold.
Dr. Boako told Parliament the reserves were disposed of at roughly $3,500 per ounce. However, he noted that gold prices rose sharply within months of the sale.
This development has raised concerns among opposition lawmakers, especially after government officials indicated that Ghana may need to accumulate additional gold reserves again as part of its reserve strategy.
For the Minority, this sequence of events raises troubling questions about whether the country sold the asset at a lower price only to potentially buy it back later at a higher market value.
Allegations of Possible Insider Trading
The Tano North legislator suggested that the timing of the transaction could indicate that individuals with advance knowledge of expected gold price movements may have benefited from the sale.
According to him, if individuals within government or related institutions anticipated the future price increase and acquired the gold cheaply, it could amount to a serious breach of public trust.
“Mr. Speaker, I suspect insider trading in the sale of the gold reserves,” Boako told Parliament.
“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.”
Calls for Transparency Over Buyers
Beyond pricing concerns, the Minority is also demanding full disclosure regarding the buyers involved in the transaction.
Dr. Boako urged authorities to reveal who purchased the 18 tonnes of gold and whether the bullion has already been exported out of the country.
“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 said.
He warned that without transparency, the country could risk a situation where individuals profit from the difference between the initial sale price and future higher prices.
Demand for a Bipartisan Parliamentary Inquiry
Given the seriousness of the allegations, the Minority is calling for a bipartisan parliamentary investigation involving both Majority and Minority lawmakers.
According to Dr. Boako, only an independent inquiry can determine whether the transaction was conducted in the national interest or if there were irregularities in the process.
“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 restore public confidence in the management of Ghana’s strategic reserves.
Bank of Ghana Yet to Respond
The debate over the gold reserve sale has become one of the most contentious economic issues in recent months.
The Bank of Ghana previously explained that the reduction in gold holdings formed part of a broader reserve management strategy designed to diversify assets and strengthen liquidity.
However, the Minority maintains that these explanations do not adequately address the concerns surrounding the timing, pricing and transparency of the transaction.
As of now, the central bank has not issued a formal response to the latest allegations raised in Parliament.
Source: Accra Street Journal
Last Updated on March 14, 2026 by Samuel Kwame Boadu
Disclaimer: Some content on Accra Street Journal may be aggregated, summarized, or edited from third-party sources for informational purposes. Images and media are used under fair use or royalty-free licenses. Accra Street Journal is a subsidiary of SamBoad Publishing Hub under SamBoad Business Group Ltd, registered in Ghana since 2014.
For concerns or inquiries, please visit our Privacy Policy or Contact Page.
Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
