New Patriotic Party (NPP) presidential candidate for the 2028 general elections, Dr Mahamudu Bawumia, has criticised the Bank of Ghana (BoG) for trading part of the country’s gold reserves, arguing that the decision resulted in GH¢1.7 billion in losses that could have been avoided.
He has urged the government to refocus the Gold for Reserves programme on accumulating gold reserves rather than trading the commodity.
Speaking at a town hall meeting in Tokyo, Japan, Dr Bawumia said the losses stemmed from the decision to trade gold instead of retaining it as part of the country’s reserves.
“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.
He also dismissed suggestions that he avoided discussions about the economy during the run-up to the 2024 general elections, explaining that his emphasis on digitalisation reflected the increasing importance of technology in the global economy.
Dr Bawumia maintained that digitalisation was fundamental to economic growth and warned that countries that fail to develop the necessary digital infrastructure risk falling 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.
Bawumia’s role in the Gold Purchase Programme
Dr Bawumia has, in recent years, been credited with originating the idea behind Ghana’s Domestic Gold Purchase Programme (DGPP), which seeks to use locally produced gold to strengthen the country’s foreign-exchange reserves.
The claim has, however, sparked political debate, with critics questioning whether the programme should be attributed to the former Vice President.
A review of statements by Dr Bawumia, former Bank of Ghana Governor Dr Ernest Addison, the Ghana Chamber of Mines and subsequent central bank documents indicates that he played a significant role in initiating and championing the proposal.
How the idea originated
Dr Bawumia has consistently linked the proposal to concerns about Ghana’s foreign-exchange position and its status as a major gold producer.
In August 2026, he recounted that the idea, which he described as a “Gold-for-Reserves” programme, came to him while he was exercising and reflecting on the country’s foreign-exchange challenges.
He said he questioned why Ghana had to depend on foreign exchange earned from other exports to acquire gold for its reserves when the country already produced the commodity.
“Why does Ghana, which mines gold every day, have to export cocoa to get dollars for its forex reserves? Why not buy the gold we already produce with cedis?”
Describing the proposal as unconventional, he said: “It was not a textbook idea.”
He subsequently presented the proposal to the Bank of Ghana for consideration.
However, his account was not entirely new. In 2021, shortly after the programme was launched, he publicly outlined a substantially similar version of how the idea emerged.
What Bawumia said in 2021
On July 1, 2021, about two weeks after the Bank of Ghana formally launched the DGPP, Dr Bawumia addressed the Ghana Gold Expo in Takoradi.
He disclosed that approximately a year earlier, he had proposed to the central bank that it explore purchasing locally produced gold to strengthen the economy and support the cedi.
According to him, the Bank subsequently undertook a study of Ghana’s gold production value chain and developed the procedures needed to implement the proposal.
“The Bank of Ghana spent a whole year carefully studying the entire gold production value chain and putting in place the necessary internationally acceptable procedures.”
Addison acknowledges Bawumia’s contribution
A significant acknowledgment of Dr Bawumia’s role came during the official launch of the programme.
On June 17, 2021, then Bank of Ghana Governor Dr Ernest Addison launched the central bank’s Domestic Gold Purchase Programme.
In his address, Dr Addison explained that the initiative was intended to enable the Bank to purchase locally produced gold and increase the gold component of Ghana’s foreign-exchange reserves.
He further indicated that the Bank expected to double its gold holdings over five years.
At the conclusion of his speech, Dr Addison acknowledged Dr Bawumia’s contribution, stating:
“Let me acknowledge the support of His Excellency the Vice President, Dr Mahamudu Bawumia, who got this program started.”
He also recognised the contributions of other stakeholders, including the Minerals Commission, PMMC, the Ghana Chamber of Mines and licensed gold aggregators.
