Bawumia reveals how gold-for-oil and gold-for-reserves programmes were conceived

He maintained that the gold-based initiatives represented an unconventional response to the foreign exchange crisis Ghana faced following the loss of access to international capital markets.

Dr Bawumia said the programme enabled Ghana to purchase about $5 billion worth of gold within two years, helping to strengthen the country's foreign exchange reserves.

He explained that because Ghana produces gold locally, the country could use cedis to purchase the commodity and convert it into a national reserve asset without first having to obtain foreign exchange.