Member of Parliament for Tano North, Dr. Gideon Boako, has called for a bipartisan parliamentary inquiry into the sale of 18 tons of Ghana’s gold reserves, warning that the transaction could point to possible insider trading and mismanagement of national resources.
According to him, the gold was reportedly sold between September and December 2025, despite Ghana having sufficient foreign exchange reserves at the time.
Speaking on Wednesday during the debate on the State of the Nation Address delivered by John Dramani Mahama, the lawmaker expressed strong concerns about the circumstances surrounding the transaction.
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“Something is happening in this country. What is happening in this country is so bad. There is a criminally minded attempt to loot the resources of this country,” he told the Parliament of Ghana.
“At the time we were selling the 18 tons of gold, Ghana had excess foreign exchange reserves, so there was no need for that,” he said.
The Tano North MP further alleged that the gold was sold at around $3,500 per ounce, only for the government to later indicate plans to buy more gold at significantly higher prices.
Boako suggested that the transaction may have involved insider dealings.
He said, “I suspect insider trading in the sale of the gold reserves, 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 want to sell it back to the Ghanaian people and profit from that,” he claimed.
The MP urged Parliament to initiate an independent and bipartisan investigation into the transaction to ensure transparency and accountability.
According to him, the House must establish who purchased the gold and whether it has been exported out of Ghana.
“Who bought the 18 tons of gold? Has the gold been shipped out of the country? If it is not shipped out, we should know who bought it,” he said.
Dr. Gideon Boako warned that Parliament must prevent any attempt by individuals to profit from the sale of national assets at the expense of citizens by engaing in insider trading.
“We shall not sit down for those who bought the gold cheaply to come back and sell it to us at exorbitant prices and benefit from that price disparity,” he warned.
Beyond the gold controversy, Boako also argued that recent improvements in Ghana’s credit ratings were largely due to policies implemented before the current administration.
He cited Ghana’s 2025 Public Debt Management Report, which he said acknowledged the role of earlier reforms in stabilising the economy.
“From 2024, despite all the difficulties we went through, pragmatic policies were put in place for the economy to recover,” he said.
According to him, rating agencies such as Fitch Ratings and S&P Global Ratings had already begun recognising progress in Ghana’s restructuring process.
Dr. Boako argued that while economic indicators may be improving, the government must remain transparent in managing strategic national assets such as gold reserves.