New Patriotic Party (NPP) flagbearer, Dr Mahamudu Bawumia, has criticised the Bank of Ghana (BoG) over its decision to trade portions of Ghana’s gold reserves, claiming the move resulted in losses amounting to GH¢1.7 billion.
The former Vice President argued that the financial losses could have been avoided if the central bank had focused on accumulating gold reserves instead of engaging in gold trading activities.
He has consequently urged the government to review and strengthen the Gold for Reserves programme by prioritising the acquisition and retention of gold as part of Ghana’s national reserve assets.
Speaking at a town hall meeting in Tokyo, Japan, Dr Bawumia maintained that the strategy adopted under the programme should have focused on building the country’s gold reserves rather than trading the commodity.
According to him, the decision to trade gold exposed the country to financial losses that could have been prevented through a reserve accumulation strategy.
Bawumia Calls for Changes to Gold for Reserves Programme
Dr Bawumia argued that Ghana would have avoided the reported GH¢1.7 billion losses if the Bank of Ghana had maintained the original approach of accumulating gold reserves.
He explained that trading in gold could expose the central bank to potential losses, insisting that the programme should primarily serve as a mechanism for strengthening Ghana’s international reserves.
The NPP flagbearer therefore called for a renewed focus on building the country’s gold holdings to support economic stability and strengthen the nation’s financial position.
Bawumia Defends Digitalisation Agenda Ahead of 2024 Elections
During the engagement in Tokyo, Dr Bawumia also rejected claims that he avoided discussing Ghana’s economy during the campaign period leading up to the 2024 general elections.
He defended his emphasis on digitalisation, explaining that technology had become a major driver of economic growth and global competitiveness.
According to the former Vice President, the global economy is increasingly dependent on digital infrastructure, making technological transformation essential for countries seeking sustainable economic development.
He argued that nations that fail to embrace digitalisation and invest in the necessary technological systems risk falling behind in the increasingly competitive global economy.
Digital Economy Critical to Ghana’s Economic Growth – Bawumia
Dr Bawumia maintained that digitalisation should remain a central component of Ghana’s economic development strategy.
He stressed that building a strong digital framework would enable Ghana to participate effectively in the global digital economy, improve productivity and create opportunities for businesses and individuals.
His comments reinforce his long-standing advocacy for technology-driven economic transformation, including digital financial services, electronic payments and improved public service delivery.
The remarks in Japan have also renewed discussions about Ghana’s gold reserve management, the Bank of Ghana’s financial performance and the country’s broader economic policy direction.
Source: newsthemegh.com