Why I proposed Gold-for-Oil and Domestic Gold Purchase Programme – Bawumia discloses

He said he asked himself why Ghana, which produces gold every day, had to export cocoa and other commodities to generate dollars for its foreign exchange reserves.

While Ghana was under an IMF programme aimed at restoring confidence in the economy, Dr Bawumia said one of the conditions was that the Bank of Ghana could use only $80 million a month to intervene in the foreign exchange market.“Why does Ghana, which mines gold every day, have to export cocoa to get dollars for its forex reserves?