Political communication consultant, Dr. Ekow Acquah, has credited Ghana’s recent strategic focus on gold for economic transformation to the vision and policies of former Vice President, Dr. Mahamudu Bawumia.
In an extensive opinion article, Dr. Acquah argues that the country’s shift toward leveraging its gold reserves for economic stability—particularly through the “Gold for Oil” initiative and the establishment of the newly announced Gold Board—stems from Bawumia’s foresight during his time in office.
Dr. Acquah notes that in 2022, amidst a global economic crisis that saw local currencies—including the Ghanaian cedi—suffer significant depreciation, Bawumia proposed a bold solution: the Bank of Ghana should begin purchasing gold to build up the country’s meagre reserves. At the time, Ghana held only about 8 tonnes of gold in reserves.
This proposal, he asserts, laid the foundation for the launch of the Gold for Oil programme—a policy that enabled Ghana to pay for imported oil with gold rather than foreign exchange. The initiative, according to Acquah, successfully reduced pressure on the local currency and helped stabilise fuel prices, addressing two of Ghana’s most persistent economic challenges: currency depreciation and rising utility costs.
“These two remarkable interventions by Dr. Bawumia did not only address the issues above, but also completely changed the conversation on gold in Ghana,” Acquah wrote.
He emphasized that prior to Bawumia’s interventions, no Ghanaian policymaker had suggested increasing gold reserves or using gold as a currency stabilisation tool. Acquah highlighted that Bawumia’s pioneering ideas have not only reshaped economic discourse but are now influencing current government policy—even under a different administration.
In what he described as a continuation of Bawumia’s legacy, Acquah pointed out that the National Democratic Congress (NDC) government’s introduction of the Gold Board—an institution aimed at overseeing gold policy and regulation—is built on the foundation laid by the former Vice President.
“If today, all the talk is about bringing gold to the forefront of managing the economy, it is because of Dr. Bawumia’s defining policy proposals on gold, and he ought to be commended,” Acquah asserted.
Ghana, long known as the “Gold Coast” for its abundant gold reserves, has historically depended on gold mining and exportation for foreign exchange. However, the recent policy shifts represent a more strategic and internal use of the precious mineral to support economic resilience.
With the establishment of the Gold Board and continued discourse on using gold as a stabilizing economic instrument, Dr. Acquah believes Ghana has entered a new era of economic thinking—one shaped significantly by the bold solutions of Dr. Mahamudu Bawumia.