Bawumia defends Gold-for-Reserves programme as answer to Ghana’s forex crisis
Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has defended Ghana’s Gold-for-Reserves programme, describing it as an unconventional but necessary response to the country’s foreign exchange crisis following the Russia-Ukraine war.
Flagbearer of the New Patriotic Party, Dr Mahamudu Bawumia, defended Ghana's Gold-for-Reserves program, claiming it addressed the country's foreign exchange crisis after the Russia-Ukraine war. The initiative, developed due to Ghana's loss of access to international capital markets, allowed the nation to buy gold using cedis instead of foreign reserves.
Dr Bawumia, who noted Ghana's status as Africa's leading gold producer, explained that the country held only 8.7 tonnes of gold in reserves in 2021. He emphasized that the program, which has enabled Ghana to purchase $5 billion worth of gold in two years, has improved the nation's ability to intervene in the foreign exchange market.
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- How IMF capped forex intervention to $80m a month, lifted restriction in 2025 after reserves accumulated – Bawumia reveals adomonline.com
- Gold-for-Reserves programme lifted IMF restrictions that capped BoG’s interventions in forex at $80 million a month – Bawumia starrfm.com.gh
