FLASHBACK: ‘In times of crisis, gold is a safe haven’ - Gabby Otchere-Darko asserts

In July 2022, a leading member of the New Patriotic Party, Gabby Asare Otchere-Darko said gold was a safe haven for Ghana in times of crisis.

He made a case for the trading of gold as a means of sustaining Ghana’s economy in the current economic climate.

“Ukraine's central bank has sold US$12.4 billion of gold reserves since the beginning of Russia's invasion on February 24, the bank's deputy head said Sunday. This is a country with only 50 tonnes of gold deposit. In times of crisis gold is a safe haven. We produce much much more in Ghana!” he posted on Monday, July 18.

Read the full story originally published on July 18, 2022 by www.ghanaweb.com.

Leading member of the New Patriotic Party, Gabby Asare Otchere-Darko has made a case for trading in gold as a means of sustaining Ghana’s economy in the current economic climate.

He asserted that Ukraine which accounts for only 50 tonnes of gold deposits recently sold US$12.4 billion of gold reserves following tensions with Russia.

In a post shared on Twitter, Gabby Otchere-Darko argued that Ghana produces more gold from its vast gold deposits whereas the country currently does not have enough gold reserves.

“Ukraine's central bank has sold US$12.4 billion of gold reserves since the beginning of Russia's invasion on February 24, the bank's deputy head said Sunday. This is a country with only 50 tonnes of gold deposit. In times of crisis gold is a safe haven. We produce much much more in Ghana!” he posted on Monday, July 18.

Following this assertion, some users on Twitter have questioned whether Gabby Otchere-Darko is making a case for the re-introduction of the controversial Agyapa Royalties transaction.

"Gabby just tested the water again...Agyapa on the pipeline," a tweep wrote.

Meanwhile, the Minerals Income Investment Fund (MIIF) has disclosed moves to list 49 percent of Agyapa Royalties on the London Stock Exchange and the Ghana Stock Exchange.

The intended listing on both exchanges, which is likely to take in the fourth quarter of this year is expected to raise between US$450 million and US$700 million from gold royalties.

Chief Executive Officer of MIIF, Edward Nana Yaw Koranteng, said proceeds from the intended listing will be invested into national infrastructure and socio-economic amenities.

He added that special focus will be placed on mining communities across the country.

See Gabby's tweet below: