Dr. Mahamudu Bawumia
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New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has criticised the Bank of Ghana (BoG) for trading part of the country’s gold reserves instead of prioritising the accumulation of the precious metal, arguing that the decision contributed to losses of GH¢1.7 billion.
Speaking at a town hall meeting in Tokyo, Japan, Dr. Bawumia said the GH¢1.7 billion loss could have been avoided if the Bank of Ghana had concentrated on accumulating gold as part of the country’s reserves instead of trading in the commodity.
He has therefore called on the government to strengthen the Gold for Reserves programme by focusing on building the country’s gold holdings rather than engaging in gold trading, which he says exposes the programme to avoidable financial losses.
“If they had followed the way that we had wanted to do the Gold for Reserves programme in terms of accumulating reserves, those losses would not have been made. But once you decide to start trading in gold, you will make those losses,” he said.
Dr. Bawumia maintained that the original objective of the programme should be to strengthen Ghana’s reserve position through gold accumulation, warning that using the initiative for trading purposes could undermine its intended benefits.
Beyond his concerns about the gold reserves programme, the NPP flagbearer also defended his focus on digitalisation during the lead-up to the 2024 general election, rejecting suggestions that he had avoided discussions on the economy.
He argued that digitalisation was not separate from economic development but had become a fundamental driver of growth in the global economy.
“Many people don’t understand that the world economy is now digital. The world economy is digital. If you don’t go digital, you cannot prosper in this global economy. You cannot. And if you don’t take your time and put your digital framework together, you’ll be left behind,” Dr. Bawumia added.
BY Gibril Abdul Razak