Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has dismissed suggestions of wrongdoing surrounding the reported sale of 18 tonnes of Ghana’s gold, insisting that the decision was part of a broader strategy to manage the country’s reserves.
Speaking on Key Points on TV3 on Saturday, March 7, Tameklo said he believes some critics are deliberately trying to create the impression that the transaction involved misconduct. However, he noted that he welcomes calls for a probe into the matter, stressing that a thorough investigation would help clarify the facts and settle the ongoing public debate.
“I am particularly excited that my learned senior, Kofi Bentil, makes the suggestion that if it is possible, there should be an inquiry. Why not? It puts matters in proper perspective, and at the end of the day I am sure you will get the opportunity, as somebody did on the floor of Parliament, to apologise,” he said.
The debate follows comments by private legal practitioner Kofi Bentil, who has called for an investigation into the transaction. Bentil argued that the decision to sell the gold and potentially buy it back at a higher price could have significant financial implications for the country.
Speaking on the same programme, he described the situation as serious, pointing out that Ghana, as a developing country, cannot afford decisions that could cost the nation large sums of money.
“It is wild when you sell 18 tonnes of gold on a flip. This is very serious. We are a poor third-world country,” Bentil said. According to him, if the country ends up buying back the gold at a cost exceeding one billion dollars, it would raise serious questions about the decision-making process.
Bentil also questioned who initiated and approved the transaction, arguing that such a major policy decision should come with clear accountability.
“We can’t wake up and lose a billion dollars and roll over as if it is business as usual. What was the view of the president? Whose idea was it? Who processed it?” he asked.
However, Tameklo rejected the suggestion that the transaction resulted in any loss to the country. He explained that the decision by the Bank of Ghana was a strategic move aimed at diversifying Ghana’s international reserves.
According to him, the central bank sought approval from its board before the move was made. The decision, he said, was based on the fact that about 40 percent of Ghana’s gross international reserves were held in gold.
He noted that this level was significantly higher than the average among peer central banks, which typically hold around 20 percent of reserves in gold.
Tameklo argued that keeping such a large share of reserves in gold could expose the country to risks if global gold prices fall. As a result, the Bank of Ghana opted to diversify part of the reserves by converting some of the gold into foreign exchange.
“Prudence dictated that the current managers would find a way of diversifying. It is not money lost; it is money moved into forex to cushion the other side of the economy,” he explained.
The debate comes amid wider discussions about Ghana’s reserve management strategy and the recently introduced Ghana Accelerated National Reserve Accumulation Policy (GANRAP), which aims to strengthen the country’s external reserves over the coming years.
