Bawumia blames Bank of Ghana’s gold trading for GH¢1.7bn losses

New Patriotic Party (NPP) flagbearer Dr Mahamudu Bawumia has blamed the Bank of Ghana’s decision to trade portions of the country’s gold reserves for losses amounting to GH¢1.7 billion, insisting the financial setback could have been avoided.

He wants the government to return the Gold for Reserves programme to what he describes as its original purpose: building the country’s gold reserves rather than trading the commodity.

Addressing a town hall meeting in Tokyo, Japan, Dr Bawumia argued that the losses arose because the central bank opted to trade gold instead of retaining it as part of Ghana’s reserves.

He maintained that following his preferred approach of accumulating gold would have prevented the 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. But once you decide to start trading in gold, you will make those losses,” he said.

The former Vice President also defended his emphasis on digitalisation during the 2024 election campaign, rejecting claims that he had avoided addressing the economy.

He said digital technology had become central to global economic activity, arguing that countries that fail to establish strong digital systems risk being left 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.