Gold programmes helped build Ghana’s reserves and support cedi – Bawumia

According to him, the programmes enabled Ghana to acquire about $5 billion worth of gold within two years, strengthening the country’s reserve position at a time when access to foreign exchange was constrained.

Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has credited Ghana’s Gold-for-Oil and Gold-for-Reserves programmes with helping to build the country’s foreign exchange reserves and stabilise the cedi.

IMF restriction Dr Bawumia also linked the accumulation of reserves to the removal of an IMF-related restriction on the Bank of Ghana’s foreign exchange market interventions.