Bawumia defends Gold-for-Reserves programme as answer to Ghana’s forex crisis

Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has defended Ghana’s Gold-for-Reserves programme, describing it as an unconventional but necessary response to the country’s foreign exchange crisis following the Russia-Ukraine war.

The NPP flagbearer explained that Ghana had a unique advantage because it could purchase locally produced gold with cedis rather than first acquiring foreign exchange to buy the commodity on international markets.

Dr Bawumia maintained that the Gold-for-Oil and Gold-for-Reserves initiatives were born out of an urgent need to find alternatives at a time conventional sources of foreign exchange had dried up.