Mahamudu Bawumia criticizes Bank of Ghana's gold reserve program

Mahamudu Bawumia criticized the Bank of Ghana’s gold reserve program during an official visit to Japan. He claimed the decision to trade in gold has resulted in losses of US$1.7 billion. Bawumia argued these losses could have been avoided if the central bank had adopted the reserve accumulation approach proposed by the previous New Patriotic Party administration.

The comments are likely to reignite debate over the Bank of Ghana’s gold purchasing and reserve management strategy. The criticism specifically targets the financial costs and benefits of the country’s gold-backed reserve accumulation efforts.