New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has blamed the government’s decision to trade part of Ghana’s gold reserves for losses amounting to GH¢1.7 billion, arguing that the financial setback could have been avoided if the commodity had been retained to build the country’s reserves.
He has urged the government to refocus the Gold for Reserves programme on accumulating gold reserves rather than trading in the commodity.
Speaking at a town hall meeting in Tokyo, Japan, Dr. Bawumia said the losses were linked to a departure from the approach he believed should guide the programme.
“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.
His comments come amid debate over the Bank of Ghana’s management of the country’s gold holdings and the financial implications of its gold-related transactions.
The Gold for Reserves programme was introduced as a strategy to strengthen Ghana’s international reserves through gold accumulation. Dr. Bawumia’s position is that the programme should prioritise retaining the commodity as part of the country’s reserves instead of trading it.
He maintained that the government could have avoided the reported GH¢1.7 billion loss by sticking to that approach.
The NPP flagbearer’s criticism adds to the political debate over the Bank of Ghana’s financial management and the government’s handling of the country’s reserves.
