Dr Gideon Boako, the New Patriotic Party (NPP) Member of Parliament for Tano North, has stated that the government’s plan to build up gold reserves to cushion the economy against external shocks is not new.

Speaking during debate on the floor of Parliament on Wednesday on the reserve accumulation policy, Dr Boako noted that a similar initiative was introduced under the previous NPP administration. He recalled that the government rolled out the Gold for Reserves programme during the 2021/2022 fiscal year, which he said significantly increased Ghana’s gold holdings.

According to him, the programme boosted the country’s reserves from eight tonnes to 32 tonnes by the end of 2024.

Despite this, the Tano North legislator raised concerns about the current policy’s lack of clarity, urging the government to provide comprehensive guidelines to guarantee transparency and effective implementation.

In response, Isaac Adongo, the National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, strongly disagreed with Dr Boako’s position.

Mr Adongo argued that by the end of 2024, Ghana’s foreign exchange reserves had dropped to less than two weeks’ import cover, contributing to instability in the cedi.

He contended that within a year in office, the NDC administration increased foreign exchange reserves from $8 billion to $13 billion by the end of 2025, helping to stabilise the local currency.

The exchange underscores ongoing political debate over Ghana’s reserve management strategy and its impact on economic stability.