Ghana’s Gold Reserve Policy Reversal: An Analytical Review of Costs, Timing, and Governance

In the final quarter of 2025, the Bank of Ghana (BoG) liquidated approximately 18.5 tonnes of the country’s gold reserves, representing roughly half of its then total gold holdings at a price of USD 3,500 per ounce, generating estimated gross proceeds of approximately USD 2.22 billion. Barely three months after, the government unveiled the Ghana Accelerated National Reserve Accumulation Policy (GHANRAP) 2026–2028, announcing plans to repurchase the same quantity at USD 5,500 per ounce, at an ...

By Isaac Yeboah