The 21st Century Gold Standard was piloted in Ghana under Bawumia – Gideon Boako

Tano North MP, Gideon Boako, has stated that the 21st Century Gold Standard was tested in Ghana under the guidance of former Vice President Dr Mahamudu Bawumia. According to Dr Boako, Ghana's Domestic Gold Purchase Programme and Gold-for-Oil initiative have shown that gold can be utilized as a contemporary monetary and reserve management tool without reverting to the strict gold standard of the 20th century.

He explained that this model allows countries to augment their reserves while preserving the flexibility of monetary policy. Dr Boako pointed out the expansion of Ghana's gold reserves from approximately eight tonnes to over 31 tonnes, along with gross international reserves surpassing $9 billion by the end of 2024, as proof of the approach's viability.

He clarified that the 21st Century Gold Standard does not necessitate linking a country's currency value to a specific amount of gold; instead, gold can act as a supporting tool and liquidity reserve, while exchange rates remain flexible and central banks can conduct autonomous monetary policy. Dr Boako emphasized that gold is not obsolete; rather, it represents infrastructure.

He argued that Ghana's experience can serve as a valuable template for resource-rich economies aiming to enhance their reserves and diminish excessive reliance on conventional reserve currencies.