BoG’s Gold Trading Decisions Caused Avoidable GH¢1.7 Billion Losses-Dr Bawumia

The flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has mounted a strong critique against the Bank of Ghana (BoG), attributing a massive financial setback of GH¢1.7 billion directly to the central bank's decision to actively trade portions of the nation's gold reserves. Speaking on the issue, the former Vice President insisted that the substantial losses recorded on the bank's books were entirely self-inflicted and could have easily been avoided had proper structural discipline and sound financial management prevailed. 

​According to Dr Bawumia, the central bank strayed from the original blueprint intended for the national gold initiative, leading to severe financial friction. He emphasized that gold reserves are fundamentally meant to act as a bedrock for national monetary stability and international reserve backing, rather than assets subjected to speculative market trades. By altering the execution mechanics of the Gold for Reserves framework, the central bank exposed the state balance sheet to unnecessary price discounts, valuation write-downs, and foreign exchange differentials. 

​The flagbearer further underscored that in an increasingly digital and interconnected global economy, policy execution requires strict adherence to well-structured financial frameworks. He argued that straying from established operational safeguards undermines the broader economic benefits that the domestic gold purchasing strategy was designed to achieve. For Dr Bawumia, a loss of this magnitude represents a missed opportunity to reinforce Ghana's fiscal posture at a time when macro-economic resilience remains paramount. 

​Dr Bawumia’s public criticism adds momentum to growing calls for greater transparency, oversight, and operational accountability regarding how Ghana's gold reserves are managed. As the political discourse around economic governance heightens, his remarks serve as a direct challenge to financial policymakers to re-align central bank operations with strict risk-management protocols, ensuring that national assets are shielded from avoidable balance-sheet erosion.

@Volta Today