Vice President of IMANI Africa, Kofi Bentil, has called on the government to provide full disclosure regarding allegations of insider trading linked to Ghana’s gold reserves, insisting that the country deserves clear and comprehensive explanations over what he describes as a potentially costly policy decision.
Speaking during the Key Points on TV3, Mr Bentil raised concerns while reacting to reports that about 18 tons of gold were sold within a short period, only for the country to face the prospect of buying back the same quantity at a significantly higher price.
According to him, if the claims are accurate, the financial implications could exceed one billion dollars, a situation he described as deeply troubling for a country grappling with economic challenges.
He argued that such a development raises serious questions about decision-making within government and the management of public resources.
Bentil maintained that no responsible government anywhere in the world would allow a decision that allegedly costs a country over a billion dollars to pass without accountability.
“There is no sensible government anywhere in the world where somebody costs a poor country a billion dollars, and the person sits in their office,” he stated.
The IMANI vice president criticised what he characterised as the speed with which the alleged transaction occurred, stressing that major economic decisions involving national assets should undergo thorough scrutiny before implementation.
According to him, policymaking—especially where national reserves are concerned—should follow structured processes that involve consultations, scenario analysis, and deliberations within cabinet and other relevant policy forums.
“You don’t wake up one day, make a decision the next day, and implement it the third day when it comes to running a country,” Bentil remarked, emphasising that careful planning and institutional review are essential in managing public finances.
He further questioned the circumstances surrounding the reported sale and the subsequent decision to repurchase the gold at a higher cost, arguing that the situation demands urgent clarification from authorities.
Bentil also noted that some theories circulating suggest the transactions may have involved paper trades rather than the physical sale of gold, although he indicated he does not necessarily subscribe to that view.
Nonetheless, he said that if such claims were proven true, it would raise even more serious concerns about individuals improperly benefiting from the arrangement.
“My point is this—we need some serious accounting for this,” he stressed.
Bentil further called on Parliament and the political opposition to actively investigate the matter, noting that oversight and scrutiny are essential components of democratic governance.
He added that civil society organisations would also continue to demand transparency and accountability regarding the handling of the country’s gold reserves.
“We cannot wake up and lose a billion dollars and simply continue as if everything is normal,” he said.
Bi-partisan inquiry
Relatedly, the Member of Parliament for the Tano North Constituency, Dr Gideon Boako, has called for a bipartisan parliamentary inquiry into what he describes as the questionable sale of 18 tonnes of Ghana’s gold reserves.
Speaking in Parliament on Wednesday, during debate on the State of the Nation Address, he warned that the transaction could amount to a deliberate attempt to loot the country’s strategic resources if the circumstances surrounding the deal are not properly investigated.
Concerns
Dr Boako raised concerns over the circumstances surrounding the disposal of the gold, describing the development as deeply troubling and potentially injurious to the national interest.
The lawmaker alleged that the transaction bore the hallmarks of what he termed a “criminally minded attempt to loot the resources of this country,” and urged Parliament to immediately institute an independent and bipartisan inquiry to establish the facts.
According to Dr Boako, between September and December 2025, a total of 18 tonnes of Ghana’s gold reserves were reportedly sold under circumstances that remain unclear.
He questioned the rationale behind the decision, arguing that the sale appeared economically unjustifiable given the country’s reported foreign exchange position at the time.
“Between September and December 2025, Ghana sold 18 tonnes of gold reserves. At that time, we had excess foreign exchange reserves, so why would managers of the economy decide to sell such a strategic national asset?” he told the House.
Sale?
The MP further disclosed that the gold was allegedly sold at about $3,500 per ounce. However, he said the finance minister has since indicated that the country may need to purchase gold again at a much higher price, estimated at $5,500 per ounce.
Dr Boako argued that the apparent disparity between the selling price and the proposed repurchase price raised serious concerns about the competence and integrity of those responsible for the transaction.
“In what economic logic do you sell gold at $3,500 per ounce only to return months later and say we must buy gold again at $5,500 per ounce?” he asked.
He suggested that the development could point either to gross mismanagement or deliberate manipulation of the country’s gold reserves.
The Tano North MP also expressed suspicion that insider trading may have played a role in the transaction, alleging that individuals within government may have anticipated a rise in global gold prices and positioned themselves to benefit.
According to him, the gold may have been sold cheaply to insiders, who could later resell it to the state at a significantly higher price.
“This situation raises serious suspicion of insider trading. Some people within government may have known that gold prices would rise and may have taken advantage of the situation,” he said.
Disclosure
Dr Boako further demanded full disclosure of the individuals or entities that purchased the 18 tonnes of gold, stressing that transparency is critical in safeguarding Ghana’s strategic reserves.
He questioned whether the gold had already been exported or remained within the country’s jurisdiction.
“Who bought those 18 tonnes of gold?” he asked. “If it has not been shipped out of the country, we must know who bought it.”
Reiterating his call for a bipartisan parliamentary inquiry, Dr. Boako stressed that Parliament has a duty to investigate the matter thoroughly in order to restore public confidence in the management of Ghana’s economic resources.
“We cannot sit unconcerned when managers of the economy sell 18 tonnes of our gold reserves at a lower price, only to return months later to say we must buy more at a higher price,” he said.
He insisted that only a transparent, independent investigation backed by members from both sides of the political divide can uncover the truth and ensure accountability in the management of the nation’s gold reserves.
Source: asaaseradio.com
