Bawumia blames Bank of Ghana’s gold trading for GH¢1.7bn losses

Dr Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has accused the Bank of Ghana of causing GH¢1.7 billion in losses due to the sale of the country's gold reserves. He insists the financial setback could have been avoided if the central bank had adhered to his proposed approach of building the country's gold reserves rather than trading the commodity.

During a town hall meeting in Tokyo, Japan, Bawumia argued that the losses stemmed from the Bank of Ghana's decision to trade gold, rather than preserving it as part of Ghana's reserves. He maintained that pursuing his preferred method of accumulating gold would have prevented the 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 stated. Bawumia also defended his focus on digitalisation during the 2024 election campaign, dismissing claims that he neglected the economy. He argued that digital technology has become central to global economic activity, stating that countries that neglect digital systems risk being left behind.

"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," he added.