New Patriotic Party (NPP) flagbearer, Dr Mahamudu Bawumia, has criticised the Bank of Ghana’s decision to trade portions of the country’s gold reserves, claiming that the policy resulted in financial losses amounting to GH¢1.7 billion which could have been prevented.
He has consequently urged government to review and strengthen the Gold for Reserves programme by concentrating on building up the country’s gold holdings rather than engaging in transactions involving the sale and repurchase of the precious metal.
Addressing a town hall meeting in Tokyo, Japan, Dr Bawumia argued that the reported losses stemmed from the decision to trade gold instead of retaining the commodity as part of Ghana’s national reserves.
He maintained that adopting an accumulation focused approach, as he had previously advocated, would have prevented the financial losses associated with the trading arrangement.
“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 said.
The former Vice President also defended his economic messaging ahead of the 2024 general elections, dismissing suggestions that he had deliberately avoided discussing the country’s economic challenges during the campaign period.
He explained that his emphasis on digitalisation reflected his understanding of the changing structure of the global economy and the increasingly important role technology plays in driving economic growth and development.
According to Dr Bawumia, digital transformation is no longer an optional undertaking for countries seeking economic advancement, but an essential requirement for remaining competitive in an increasingly technology driven international marketplace.
He argued that nations that fail to establish the necessary digital infrastructure and develop comprehensive technological frameworks risk falling behind economies that have embraced digital innovation.
“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.
Dr Bawumia’s comments therefore combine criticism of the Bank of Ghana’s gold trading strategy with a defence of his longstanding position that digitalisation should remain central to Ghana’s economic transformation agenda.
