The Member of Parliament (MP) for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has described the government’s Ghana Accelerated National Reserve Accumulation Policy (GANRAP) as a rebranded version of a gold reserve strategy introduced by the previous NPP administration.
Contributing to the motion for approval of the policy in Parliament last Thursday, the former Works and Housing Minister said the core pillars of GANRAP, using cedis to purchase gold to build bullion reserves and trading gold for foreign exchange, were already operational under the Domestic Gold Purchase Programme and the Gold-for-Oil initiative.
Mr. Oppong Nkrumah quoted former Vice President Mahamudu Bawumia, who had previously credited the Bank of Ghana’s domestic gold purchase programme and the Gold-for-Oil policy with helping to stabilise the economy during the recent financial crisis.
According to him, the domestic gold purchase programme enabled the BoG to buy locally produced gold with cedis to strengthen the country’s bullion reserves or trade the gold for forex to boost external buffers.
He told the House that during a prior engagement with officials from the Finance Ministry, the Bank of Ghana and the Gold Board, the Second Deputy Governor confirmed that the gold reserve strategy was not a new policy.
“It is a matter of public record that in 2021, the NPP administration came up with the domestic gold purchase programme to ramp up our reserves,” he said.
While stressing that the Minority would support GANRAP because it advances a policy direction they consider beneficial, the Ofoase-Ayirebi MP urged the government to be transparent about the origins of the initiative.
“You need candour in economic policy management. Don’t attempt to rebrand an existing programme and create the impression that it is something entirely new,” he stated.
Mr. Oppong Nkrumah also questioned what he described as inconsistencies in the government’s recent reserve management decisions.
He recalled that the government, through BoG, had reportedly sold 50 percent of the nation’s gold reserves, citing concerns about over-concentration in gold assets, only to return to Parliament weeks later seeking approval to buy more gold.
He argued that selling gold when prices were around $4,000 per ounce and seeking to repurchase when prices have climbed higher raises concerns about timing, potential losses and policy coherence.
Despite the criticisms, he reiterated that the Minority’s support for GANRAP reflects its commitment to strengthening the nation’s foreign exchange reserves, while insisting on accountability and consistency in economic management.
By Ernest Kofi Adu, Parliament House