Dr. Mahamudu Bawumia, the former vice president, feels that he has been validated on a number of policy stances and projects that he supported during his tenure.
He pointed out that prominent members of the opposition National Democratic Congress (NDC), the Bank of Ghana (BoG), and the International Monetary Fund (IMF) have now admitted that many of his previous economic stances were correct.
Speaking to supporters of the New Patriotic Party (NPP) yesterday, Thursday, August 28, following the submission of his nomination papers to run for the party’s flagbearer position, Dr. Bawumia said,
“All that can be hurled at me, I have already been attacked with. As the days go by, time has shown great vindication. The Bank of Ghana, the IMF, and even NDC kingpins are now admitting on many matters that Bawumia was right. What more can they say of me now?”
His remarks follow Dr. Zakari Mumuni, the Bank of Ghana’s First Deputy Governor, who recently attributed the cedi’s stabilization and recent inflation reduction to the Central Bank’s Gold Purchase Program.
Additionally, according to Dr. Zakari, the program has “improved the country’s credit profile from restrictive default to B- with a stable outlook in June 2025, boosting investor confidence.”
During Africa’s flagship trade banking event, CNVERGE’25, in London, he made these statements and said that the effort has helped create a stable macroeconomic environment.
The Gold Purchase Program was started in June 2021 with the goal of increasing Ghana’s gold reserves and broadening the Central Bank’s holdings.
By allowing the BoG to purchase gold in cedis from regional mining companies, it lessens dependency on the US currency and protects the economy from shocks to international markets. As of July, Ghana had 34.40 tons of gold reserves.
Dr. Zakari went on to emphasize how the Gold for Oil effort was made possible by the Gold Purchase Program’s success.
Through government-to-government agreements, this program facilitates petroleum imports by providing gold and foreign exchange.
He commended the initiative for stabilizing fuel prices, securing petroleum imports at competitive levels, and relieving pressure on the foreign exchange market, all of which helped to reduce inflation and transportation expenses.
Source: newsthemegh.com