If NDC had followed how we had wanted to do the Gold for Reserves, they wouldn't have accumulated GH¢1.7bn losses — Bawumia

New Patriotic Party (NPP) flagbearer, Dr Mahamudu Bawumia, has criticised the Bank of Ghana (BoG) for trading part of the country's gold reserves, claiming the decision resulted in losses amounting to GH¢1.7 billion.

He has urged the government to refocus the Gold for Reserves programme on accumulating gold reserves rather than trading the commodity, arguing that the reported losses could have been avoided.

Speaking at a town hall meeting in Tokyo, Japan, Dr Bawumia said the losses were linked to the decision to trade in 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.

The former Vice President also rejected claims that he had avoided discussing economic issues during the lead-up to the 2024 general elections.

He explained that his emphasis on digitalisation was deliberate, given the increasing role of technology in driving the global economy.

According to him, digital transformation is essential to economic progress, warning that countries that fail to develop the necessary digital infrastructure risk falling behind in an increasingly technology-driven global economy.

“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.