NDC should credit Bawumia for introducing gold-for-reserves policy – Kwadwo Poku

A member of the New Patriotic Party (NPP) National Communications Team, Kwadwo Poku, has urged the governing National Democratic Congress (NDC) to recognise former Vice-President Dr Mahamudu Bawumia for introducing the domestic gold purchase policy to strengthen Ghana’s foreign exchange reserves.

He argued that although the NDC government had enhanced the policy through the establishment of the Ghana Gold Board (GoldBod), the original initiative should be credited to Dr Bawumia.

The NPP communicator made the remarks on Accra-based Metro TV’s Good Morning Ghana programme on Friday, October 23, during a discussion on Ghana’s gold reserves and foreign exchange management.

“Today, everybody is talking about gold, gold, gold for reserves. Yes, selling gold to end reserves is a Dr Bawumia idea. I don’t care what anybody says,” he said.

He challenged members of the NDC to identify any instance in which former President John Dramani Mahama or his administration had proposed using domestically purchased gold to support the country’s foreign exchange needs before Dr Bawumia introduced the domestic gold purchase programme.

“You guys have taken our idea, put a booster behind it, and it’s working. Give credit,” he stressed.

Mr Poku also disputed suggestions that funds generated through the gold trading programme should automatically be treated as profit available for government spending on infrastructure.

He argued that the transactions involve using cedis to purchase gold, which is then sold to generate foreign exchange, rather than simply generating income that can be spent directly on roads and other public projects.