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 estimated cost of USD 3.49 billion. The implied financial cost of this round-trip transaction is approximately USD 1.27 billion.
