Mahamudu Bawumia criticizes Bank of Ghana gold trading losses

Dr. Mahamudu Bawumia, the New Patriotic Party flagbearer, has attributed GH¢1.7 billion in losses to the Bank of Ghana’s decision to trade portions of the country’s gold reserves. Speaking at a town hall meeting in Tokyo, Japan, Bawumia argued that the Gold for Reserves programme should focus on accumulating reserves rather than commodity trading to avoid such financial setbacks.

Bawumia also addressed criticisms regarding his economic focus, asserting that his emphasis on digitalization is essential for modern prosperity. He cited the impact of mobile money interoperability and the digitalization of the Electricity Company of Ghana (ECG) as evidence of economic growth driven by digital infrastructure. He noted that ECG's monthly collections rose from GH¢450 million to GH¢2 billion following the transition away from cash payments.