Africa Policy Lens Demands Full Disclosure On BoG Gold Divestment

A policy think tank, Africa Policy Lens (APL), has filed a formal request under Ghana’s transparency laws seeking detailed disclosures from the Bank of Ghana (BoG) over the divestment of part of the country’s gold reserves in the final quarter of 2025.

The request, submitted under the Right to Information Act, 2019 (Act 989), was addressed to the Governor of the central bank and signed by APL’s Director of Research, Administration and Partnerships, Dr. Hayford Mensah Ayerakwa.

In the letter, the think tank argued that the transaction involves a matter of “significant national interest,” particularly because gold plays a critical role in Ghana’s monetary stability and the management of its external reserves.

According to APL, the request is intended to obtain clarity on the circumstances surrounding the sale of the gold and to ensure transparency in the management of national reserve assets. In its application, APL is asking the central bank to release extensive details regarding the divestment transactions undertaken in the third and fourth quarters of 2025.

The think tank specifically requested confirmation of the total quantity of gold divested during the period, including the exact weight in tonnes and ounces.

It also wants the central bank to disclose the precise dates on which each transaction was executed as well as the pricing benchmark used in valuing the gold.

APL further requested information on whether the transactions were priced using the London Bullion Market Association reference rate. Additionally, the organisation is demanding disclosure of the average realised sale price per ounce for the gold that was sold.

Buyers and Transaction Structure

Beyond pricing details, the think tank is also seeking the identities of the counterparties involved in the transactions. It is asking the Bank of Ghana to disclose the purchasing entities and provide information on their beneficial ownership structures.

The organisation also wants clarification on whether any local partners participated in the transactions and, if so, details regarding their identities and ownership arrangements.

APL further requested a description of the structure of the transactions, including whether the gold was sold outright, swapped, leased or transferred under any structured financial arrangement.The request also seeks confirmation on whether the transactions included any buy-back clauses.

Transfer and Use of Proceeds

The think tank has also asked for details regarding the delivery and custodial arrangements associated with the transactions. Specifically, APL wants to know whether the gold was shipped out of the country and, if so, the dates on which the shipments occurred.

In addition, the organisation is requesting disclosure of the total proceeds realised from the transactions, including the currencies in which the payments were received. It is also seeking information on the accounts or financial instruments into which the proceeds were credited.

According to the request, the Bank of Ghana should also clarify how the funds were subsequently used, including whether they were applied to reserve management operations, debt servicing, investment activities or other financial purposes.

Advisors, Fees and Policy Justification

APL is also demanding information on any financial advisors, consultants, bullion banks, brokers or transaction advisors who may have been engaged to facilitate the sale. The think tank has requested full disclosure of commissions, fees or other forms of compensation paid in relation to the transactions.

The request further asks the central bank to provide the policy rationale for the decision to sell the gold at the time it did. In particular, APL is seeking clarification on the economic considerations that informed the decision, including the market indicators, analyses or projections that were reviewed before the divestment was carried out.

It also wants to know whether the central bank conducted any strategic market timing analysis before proceeding with the sale, especially given global forecasts suggesting that gold prices could rise toward $5,000 per ounce.

In the letter, Dr. Ayerakwa emphasised that the request is intended to promote transparency and accountability in the stewardship of Ghana’s strategic financial assets.

He noted that the disclosure is required not only to inform the public, but also to ensure trust in the management of the nation’s reserves. “The people of Ghana deserve full clarity on the strategic decisions involving our national gold reserves,” the letter stated.

APL indicated that it expects the Bank of Ghana to respond within the timelines stipulated under the Right to Information Act.

 

The post Africa Policy Lens Demands Full Disclosure On BoG Gold Divestment appeared first on The Ghanaian Chronicle.

Read Full Story