Former Vice President and New Patriotic Party (NPP) presidential candidate for the 2028 general elections, Dr Mahamudu Bawumia, has taken aim at the Bank of Ghana’s decision to trade part of Ghana’s gold reserves, claiming the move contributed to GH¢1.7 billion in avoidable losses.

He believes the government should instead prioritise building the country’s gold reserves under the Gold for Reserves programme rather than engaging in the trading of the commodity.

Dr Bawumia made the remarks during a town hall meeting in Tokyo, Japan, where he argued that the losses could have been prevented if the programme had remained focused on accumulating gold 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.

Beyond the gold reserves controversy, Dr Bawumia also pushed back against claims that he neglected economic issues during the campaign period ahead of the 2024 general elections.

He defended his emphasis on digitalisation, arguing that technology has become central to the global economy and that countries without 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.

The debate over who initiated the gold programme

Dr Bawumia’s latest comments come amid continuing political debate over the origins of Ghana’s Domestic Gold Purchase Programme (DGPP).

The former Vice President has frequently been credited by his supporters with conceptualising the initiative, which allows the Bank of Ghana to purchase locally produced gold to strengthen the country’s foreign-exchange reserves.

However, the extent of his contribution has been questioned by some critics, making the programme’s history a subject of political discussion.

Available public statements by Dr Bawumia, former Bank of Ghana Governor Dr Ernest Addison, the Ghana Chamber of Mines and subsequent central bank documents provide evidence of Bawumia’s involvement in initiating and advocating the proposal.

Bawumia explains the thinking behind the proposal

Dr Bawumia has traced the idea to his concerns about Ghana’s foreign-exchange challenges, particularly the apparent disconnect between the country’s status as a major gold producer and its approach to building foreign-exchange reserves.

In August 2026, he recalled that the concept of what he called a “Gold-for-Reserves” programme came to him while he was exercising and contemplating the country’s foreign-exchange difficulties.

He said he wondered why Ghana had to rely on foreign exchange earned from other exports to acquire gold for its reserves when it already mined the commodity in significant quantities.

“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?”

He described the proposal as unconventional, stating: “It was not a textbook idea.”

Dr Bawumia said he subsequently took the proposal to the Bank of Ghana for consideration.

His explanation in 2026, however, echoed remarks he had made five years earlier, shortly after the programme’s introduction.

His account at the 2021 Ghana Gold Expo

On July 1, 2021, roughly two weeks after the Bank of Ghana formally launched the DGPP, Dr Bawumia addressed the Ghana Gold Expo in Takoradi.

During the event, he revealed that he had suggested to the central bank about a year earlier that it consider purchasing locally produced gold as a way of strengthening Ghana’s economy and supporting the cedi.

He said the Bank subsequently examined the country’s gold production value chain and worked out the procedures necessary to implement 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.”

Former BoG Governor provides acknowledgment

Further evidence of Dr Bawumia’s involvement emerged during the official launch of the Domestic Gold Purchase Programme on June 17, 2021.

At the event, then Bank of Ghana Governor Dr Ernest Addison outlined the programme’s objective of purchasing domestically produced gold to increase the gold component of the country’s foreign-exchange reserves.

He also announced the Bank’s expectation of doubling its gold holdings over five years.

Importantly, Dr Addison specifically acknowledged Dr Bawumia’s role in getting the initiative started.

“Let me acknowledge the support of His Excellency the Vice President, Dr Mahamudu Bawumia, who got this program started.”

Dr Addison also recognised the contributions of other institutions and industry players, including the Minerals Commission, PMMC, the Ghana Chamber of Mines and licensed gold aggregators.