Dr. Gideon Boako, describing it as a rebranding of the previous New Patriotic Party (NPP) administration’s Gold-for-Reserves initiative.
His remarks follow Finance Minister Cassiel Ato Forson’s presentation of plans to bolster Ghana’s international reserves to cover 15 months of imports by the end of 2028. The government has framed the policy as a step to strengthen macroeconomic stability, protect against external shocks, and support long-term structural transformation.
Speaking on Channel One Newsroom on February 25, Dr. Boako argued that the initiative does not represent a new economic direction and therefore did not require a formal parliamentary presentation.
He accused the National Democratic Congress (NDC) of discontinuing the purposeful Gold-for-Reserves programme under the previous government, only to reintroduce it under a new label.
“This is something already in practice. Using Ghana Cedis to buy gold to maintain 15 months of import cover is essentially the Gold-for-Reserves policy initiated by the previous government. It is well known and respected internationally,” Dr. Boako said, noting that the original programme, led by Vice President Bawumia and the Bank of Ghana, had drawn attention from five other countries studying the framework.
While acknowledging that reserve accumulation remains a prudent economic strategy, he maintained that presenting it as a novel policy misrepresents its origins and contribution.
The comments highlight ongoing political debate over the presentation and ownership of Ghana’s economic strategies amid efforts to stabilise the country’s reserves.
