Build gold reserves, don't trade them – Bawumia, citing $1.7bn loss
NPP flagbearer Dr Mahamudu Bawumia says the Bank of Ghana lost $1.7 billion by trading gold instead of holding it in the country's reserves. He told party members at a Tokyo town hall that trading rather than accumulating gold caused the loss. His remarks were reported on Thursday, November 5. The arrangements he wants reversed are the ones in the IMF's first review of Ghana's reform programme. “The Central Bank, through the Gold program, has made losses of $1.7 billion,” he said. “If they had followed the way that we had wanted to do the Gold for Reserves programme in terms of accumulating reserves, those losses would not have been made.
