Accra: Former Vice President Dr. Mahamudu Bawumia's monetary policies have positioned Ghana as a pioneer in adopting a new gold-backed financial model, as highlighted by economist Gideon Boako. Boako asserts that amidst global concerns such as inflation, mounting debt, and diminishing confidence in traditional currency anchors, Ghana, under Bawumia's guidance, strategically utilized gold as a pivotal monetary and reserve asset.
According to Ghana Web, Boako emphasized the impact of initiatives like the Domestic Gold Purchase Programme and the Gold-for-Oil Programme, which were instrumental in helping Ghana navigate severe dollar shortages. These programs not only alleviated currency constraints but also bolstered the nation's international reserves. Under Bawumia's tenure, Ghana's gold reserves saw a significant increase from 8 tonnes to over 31 tonnes, while the gross international reserves exceeded $9 billion by the end of 2024.
Boako further elaborated on the significance of these developments, stating that gold should no longer be viewed as a relic but rather as critical infrastructure. He credited Bawumia as the architect of Ghana's innovative approach to using gold to enhance monetary and financial stability, marking a potential shift towards a gold-backed financial model in the 21st century.