The Member of Parliament for Tano North, Gideon Boako, has alleged possible insider trading in the sale of 18 tonnes of Ghana’s gold reserves and is calling for a thorough investigation into the transaction.
Speaking in an interview on Ekosii Sen on Asempa FM, he questioned the rationale behind the government’s decision to sell part of the country’s gold reserves despite rising global prices.
According to him, selling the gold at an average price of about $3,500 per ounce and planning to repurchase it later at a much higher price could indicate that some individuals may have personally benefited from the transaction.
“The only possibility for this decision seems to be the benefits that government officials think they will gain. We sold our gold at an average price of $3,500, amounting to about $2 billion for 18 tonnes of gold. Now they want to repurchase it for over $3 billion for the same gold. It seems likely that they sold the gold to someone they know for their benefit. This is the only reason I can think of behind the decision to repurchase the gold,” he alleged.
Dr. Boako argued that the decision does not make economic sense, particularly for a country like Ghana, which is one of the world’s leading gold producers.
He further called for a full investigation into the transaction to determine whether the sale was carried out in the national interest or influenced by private gain.
“Before Nana Addo Dankwa Akufo-Addo took office, we had over $8 billion in gross international reserves, which surpassed what the IMF had anticipated. We also accumulated gold while maintaining our international reserves. So what has changed? Why did the government announce from September to December that they want to sell part of this gold?” he questioned.
“I’m not blaming the central bank alone; whoever made this decision, the government is aware of it. That is why we are calling for an investigation. There should be a bipartisan probe into it. There are several questions that need to be answered. There was no need for the sale and the circumstances surrounding the sale are questionable,” he said.
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