Accra: Dr Gideon Boako, a Member of Parliament for Tano North from the New Patriotic Party (NPP), has stated that the government's initiative to build up gold reserves as a buffer against external economic shocks is not a new concept. He highlighted that a similar strategy was previously executed by an earlier NPP administration.
According to Ghana Web, Dr Boako contributed to a parliamentary debate concerning the government's reserve accumulation policy, where he recalled the implementation of the Gold for Reserves programme during the 2021/2022 fiscal year by the NPP government. This programme, he noted, was successful in expanding the nation's gold reserves from eight to 32 tonnes by the end of 2024.
Despite acknowledging the past success, Dr Boako voiced his concerns over the current policy's lack of clarity. He urged the government to provide comprehensive guidelines to ensure that the policy is transparent and effectively implemented.
In response, Isaac Adongo, a Member of Parliament for Bolgatanga Central from the National Democratic Congress (NDC), contested Dr Boako's claims. Adongo argued that the country's foreign exchange reserves at the end of 2024 were insufficient, covering less than two weeks' worth of imports, which destabilized the cedi. He further claimed that the NDC government had significantly increased the foreign exchange reserves from $8 billion to $13 billion by the end of 2025, contributing to the stabilization of the local currency.