Bawumia urges government to prioritise gold reserves over trading

New Patriotic Party (NPP) flagbearer Dr Mahamudu Bawumia has called on the government to focus on building Ghana’s gold reserves rather than trading in the commodity, arguing that the Bank of Ghana’s decision to trade part of its gold holdings resulted in losses of GH¢1.7 billion.

He said the losses could have been avoided if the Gold for Reserves programme had been implemented with a focus on accumulating gold to strengthen the country’s reserves.

At the town hall meeting in Tokyo, Japan, Dr Bawumia maintained that the programme should be geared towards building the country’s gold reserves rather than trading in the commodity.

“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.

Dr Bawumia also defended his campaign focus on digitalisation ahead of the 2024 general elections, dismissing claims that he had steered clear of economic issues during the electioneering period.

He explained that his focus on the sector was informed by the growing importance of technology in the global economy and the need for countries to establish the digital infrastructure required to compete.

He emphasised the importance of digital infrastructure to economic growth, warning that countries that fail to adapt to the changing global economy risk losing out on opportunities.

“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 said.