Bawumia Blames Gold Trading For $1.7bn Losses

Dr Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has criticized the Bank of Ghana's gold reserve programme, claiming that the decision to trade in gold has resulted in losses of US$1.7 billion. He argued that the losses could have been avoided if the central bank had adopted the reserve accumulation approach proposed by the previous NPP administration rather than engaging in gold trading.

Dr Bawumia, who was speaking at a meeting with the Ghanaian community in Japan, maintained that the financial implications of the programme were only beginning to emerge and urged Ghanaians to exercise patience as developments unfolded.

Brief written by urgent.news from The Chronicle Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.