Dr. Bawumia's Gold for Reserves Programme Lauded for Strengthening Ghana's Economy

The Gold for Reserves programme, spearheaded by former Vice President Dr. Mahamudu Bawumia, has garnered significant praise for its role in stabilizing the Ghanaian Cedi amid global economic challenges. This innovative initiative allows the Ghanaian government to utilize gold reserves to purchase foreign currency, thereby reducing reliance on borrowing. As a result, the value of the Cedi has improved from nearly 17 to approximately 14 to a dollar. Economic analyst Senyo Hosi has highlighted the programme's success in increasing Ghana's gold reserves from 8 tonnes to an expected 30 tonnes by January 2025. Additionally, the Governor of the Bank of Ghana has acknowledged the programme's substantial contributions to the nation's economic stability, further underscoring its importance in the current financial landscape.