Former Vice President, Dr Mahamudu Bawumia, has been highly commended for introducing the Gold for Reserves programme for the Bank of Ghana.
In the height of the global economic crisis, which devastated the Ghanaian economy and saw a free fall of the Cedi, then Vice President Dr Bawumia proposed the Domestic Gold Purchase Programme for the Bank of Ghana – a component of which is the Gold for Reserves.
This programme uses gold to buy foreign currency rather than relying on excessive borrowing, helping to stabilise the Cedi.
The Bawumia proposal saw immediate impact under the previous government, with the Cedi, which had previously been nearly 17 Cedis to a Dollar, dropping to 14 and gradually stabilising, while fuel prices decreased due to reduced pressure on the forex market.
Following the continuous success of the programme under the new regime, Senyo Hosi, an economic policy analyst, on Joy FM’s Newsfile earlier today, said the former Vice President ought to be commended for thinking through such an impactful policy.
“I commend Bawumia because I know he is the brainchild of this entire Gold for Reserves programme,” said Senyo Horsi.
The policy analyst added, “He is the brainchild, and we must commend that effort.”
Before the introduction of the policy, Ghana’s total gold reserves were about 8 tonnes. But as of January 2025, when the government changed hands, Ghana’s gold reserves had dramatically increased to over 30 tonnes.
Senyo Hosi’s comment on Newsfile follows a recent interview in which he said that Ghana’s Domestic Gold Purchase Programme has played a decisive role in strengthening the Cedi beyond IMF projections in 2025.
Also, in a recent interview, the Governor of the Bank of Ghana, Dr Johnson Asiama, praised the gold purchasing programme, acknowledging its significant contributions to Ghana’s improved gold reserves and its positive impact on the stability of the local currency.
