I commend Bawumia because he is the brainchild of Gold for Reserves programme – Senyo Hosi

Former Vice President Dr Mahamudu Bawumia has been praised for introducing the Gold for Reserves programme at the Bank of Ghana.

At the height of the global economic crisis, which severely affected Ghana’s economy and led to a sharp depreciation of the Cedi, then Vice President Dr Bawumia proposed the Domestic Gold Purchase Programme for the Bank of Ghana, which includes the Gold for Reserves initiative.

The programme allows the use of gold to purchase foreign currency instead of relying heavily on borrowing, helping to stabilise the Cedi.

The proposal recorded immediate results under the previous government, with the Cedi, which had nearly reached 17 to the Dollar, strengthening to about 14 and later stabilising. Fuel prices also declined due to reduced pressure on the foreign exchange market.

Commenting on the continued success of the programme under the current administration, economic policy analyst Senyo Hosi said on Joy FM’s Newsfile that Dr Bawumia deserves credit for the policy.

“I commend Bawumia because I know he is the brainchild of this entire Gold for Reserves programme,” Senyo Hosi said.

“He is the brainchild, and we must commend that effort,” he added.

Before the policy was introduced, Ghana’s gold reserves stood at about 8 tonnes. By January 2025, when the government changed, the reserves had risen to more than 30 tonnes.

Senyo Hosi’s remarks follow a recent interview in which he said Ghana’s Domestic Gold Purchase Programme played a key role in strengthening the Cedi beyond IMF projections in 2025.

In a separate interview, the Governor of the Bank of Ghana, Dr Johnson Asiama, also commended the gold purchasing programme, citing its contribution to increased gold reserves and improved currency stability…CONTINUE MORE READING>>>