Bawumia Jabs BoG Over GH¢1.7bn Gold Trade Loss

Dr. Mahamudu Bawumia, the New Patriotic Party (NPP) presidential candidate, has criticized Ghana's Bank of Ghana (BoG) for selling part of the nation's gold reserves, which led to a loss of GH¢1.7 billion. Addressing a town hall meeting in Tokyo, Japan, Dr. Bawumia argued that the decision to trade the gold could have been avoided if the Bank of Ghana had focused on accumulating gold reserves rather than trading the commodity.

He urged the government to strengthen the Gold for Reserves programme by concentrating on building the country's gold holdings instead of engaging in gold trading, which he claims exposes the programme to unnecessary 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," Dr. Bawumia stated.

The NPP flagbearer emphasized that the Gold for Reserves programme's primary objective should be to strengthen Ghana's reserve position through gold accumulation, warning that using the programme for trading purposes could undermine its intended benefits. Dr. Bawumia also defended his emphasis on digitalisation during the 2024 general election campaign, dismissing claims that he neglected economic issues.

He argued that digitalisation is integral to economic development and has become a fundamental driver of growth in the global economy. He stated, "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."