ew Patriotic Party (NPP) presidential candidate for the 2028 general elections, Dr Mahamudu Bawumia, has criticised the Bank of Ghana (BoG) over its decision to trade part of the country’s gold reserves, arguing that the move resulted in GH¢1.7 billion in losses that could have been avoided.
He has called on the government to strengthen the Gold for Reserves programme by prioritising the accumulation of gold reserves rather than trading the commodity.
Speaking at a town hall meeting in Tokyo, Japan, Dr Bawumia said the losses were a consequence of 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.
Dr Bawumia also rejected suggestions that he avoided discussions on the economy ahead of the 2024 general elections, arguing that his focus on digitalisation reflected the growing importance of technology in the global economy.
He maintained that digitalisation was central to economic development, warning that countries that fail to establish the necessary digital infrastructure 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.
Bawumia’s role in Ghana’s Domestic Gold Purchase Programme
In recent years, Dr Bawumia has been credited with the idea behind Ghana’s Domestic Gold Purchase Programme (DGPP), with proponents arguing that he proposed the use of locally produced gold to build the country’s foreign-exchange reserves.
The claim has generated political debate, with some critics questioning whether the programme can rightly be described as a Bawumia initiative.
However, a review of statements by Dr Bawumia, former Bank of Ghana Governor Dr Ernest Addison, the Ghana Chamber of Mines and subsequent Bank of Ghana documents suggests that the former Vice President played a significant role in initiating and championing the idea.
Bawumia’s account of how the idea originated
Dr Bawumia has consistently maintained that the idea emerged from concerns about Ghana’s foreign-exchange position and its status as a major gold producer.
In August 2026, he explained that the concept, which he described as a “Gold-for-Reserves” programme, occurred to him while he was exercising and reflecting on the country’s foreign-exchange challenges.
According to him, he questioned why Ghana had to rely on foreign exchange earned from other exports before acquiring gold for its reserves, despite being a major gold-producing country.
“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?”
Dr Bawumia described the proposal as unconventional, saying: “It was not a textbook idea.”
He said he subsequently presented the proposal to the Bank of Ghana for consideration.
Although he gave this account in 2026, Dr Bawumia had publicly described a substantially similar version of events in 2021, shortly after the programme was launched.
What Bawumia said in 2021
On July 1, 2021, approximately two weeks after the Bank of Ghana formally launched the DGPP, Dr Bawumia addressed the Ghana Gold Expo in Takoradi.
He disclosed that about a year earlier, he had suggested 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 studied Ghana’s gold production value chain and developed the procedures required to operationalise 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’s key acknowledgment
One of the strongest independent indications of Dr Bawumia’s role in the initiative came during the programme’s official launch.
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 programme was designed to enable the Bank to purchase domestically produced gold and increase the gold component of Ghana’s foreign-exchange reserves.
He also indicated that the Bank expected to double its gold holdings over five years.
At the end of his speech, Dr Addison explicitly acknowledged Dr Bawumia’s contribution to the initiative.
“Let me acknowledge the support of His Excellency the Vice President, Dr Mahamudu Bawumia, who got this program started.”
He subsequently acknowledged the contributions of other stakeholders, including the Minerals Commission, Precious Minerals Marketing Company (PMMC), the Ghana Chamber of Mines and licensed gold aggregators.
