Bawumia deserves commendation for being the brain behind Ghana’s Gold for Reserves Program - Senyo Hosi

Former Vice President, Dr. Mahamudu Bawumia, has been highly commended for introducing the Gold for Reserves programme for the Bank of Ghana.

In the height of the global economic crisis which devastated the Ghanaian economy, seeing a free fall of the Cedi, then Vice President, Dr. Bawumia, proposed the Domestic Gold Purchase Programme for the Bank of Ghana - a component of which is the Gold for Reserves, which uses gold to buy foreign currency rather than excessive borrowing, to help stabilise the Cedi.

The Bawumia proposal saw instant impact under the previous government, with the Cedi, which was hitherto, nearly at 17 Cedis to a Dollar, dropping to 14 and seeing gradual stability, as well as prices of fuel going down due to reduced pressure on the forex.

Following the continuous success of the programme under the new regime, Senyo Horsi, an Economic Policy Analyst, on Joy FM's Newsfile earlier today, said the former Vice President ought be commended for thinking through such an impactful policy.

"I commend Bawumia because I know he is the brain child of this entire Gold for Reserve thing," said Senyo Horsi.

"He is the brain child and we must commend that effort."

Prior to the introduction of the policy, Ghana's total gold reserves was about 8 tonnes, but as at the time government changed hands in January 2025, Ghana's gold reserves had dramatically shot up to over 30 tonnes.

Senyo Horsi's comment on newsfile follows a recent interview in which he said that Ghana’s Domestic Gold Purchase Programme has played a decisive role in strengthening the cedi beyond IMF projections in 2025.

Also, in a recent interview, Governor of the Bank Ghana, Dr. Johnson Asiama was full of praise for the gold purchasing programme, and also acknaoeldged its significant contributions to Ghana's improved gold reserves, and how it is positively impacting the stability of the local currency.