President Nana Addo Dankwa Akufo-Addo has expressed strong confidence in Vice President Dr. Mahamudu Bawumia’s ability to fulfill his promises for the 2024 elections. Speaking at the launch of the NPP’s manifesto in Takoradi on August 18, President Akufo-Addo affirmed, “Every commitment Dr. Mahamudu Bawumia has made, I can put my hand on my heart and tell you that he will deliver.”

In response, Dr. Bawumia outlined his plan to stabilize the Ghanaian cedi through an expanded gold purchase program. He highlighted that the Bank of Ghana’s domestic gold purchase program and the Gold For Oil (G4O) initiative were instrumental in rescuing the economy from recent crises.

“The two policies that helped rescue the economy from catastrophe were the Bank of Ghana’s domestic gold purchase program and the Gold For Oil program,” he stated. Bawumia noted that these measures had effectively addressed issues related to forex repatriation and provided stability for foreign investors.

Dr. Bawumia revealed that the success of the pilot gold purchase scheme has led to a solution for long-standing foreign exchange problems, which have previously contributed to inflation and other economic challenges. He emphasized, “Gold purchases from this program alone have amounted to $5 billion in the last couple of years. With Ghana’s unexplored gold reserves estimated at 5 billion ounces, valued at $10 trillion today, we have found a solution to the age-old foreign exchange problem.”

He pledged that his government would institutionalize the Gold-for-Forex program, aiming to cover all major forex demands. “If a company needs dollars, we will exchange their cedis for gold and provide them with dollars. This approach ensures that demand equals supply and will provide the stability our currency has always lacked,” he explained.