BoG confirms Ghana increased its gold reserves by 66% under Bawumia's 'Gold Purchase Program'

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Bfoh 5 months ago

Ghana web or whoever wrote this article got the headline wrong. Per the story, the increase is not 66% but rather 247.72%. This is how the calculation she be : (30.53-8.78)/8.78 * 100% = 247.72%. If the headline read that Baw ...
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Ghana web or whoever wrote this article got the headline wrong. Per the story, the increase is not 66% but rather 247.72%. This is how the calculation she be : (30.53-8.78)/8.78 * 100% = 247.72%. If the headline read that Bawumia contributed 66% to our total gold reserves, that would be correct and accurate. But he actually increased our gold reserves by a whopping 247.72%. We need to give credit where it’s due. This headline is totally misleading. Whoever wrote it must come again.
CITIZEN 5 months ago

Your calculation is right. The headline is misleading. From 8.78 to 30.53 is more than 200 percent.

Your calculation is right. The headline is misleading. From 8.78 to 30.53 is more than 200 percent.
Nii 5 months ago

This is simple arithmetic I don't see why the writer could not notice. I sometimes get worried when ppl pretend to be struggling with basic maths.

This is simple arithmetic I don't see why the writer could not notice. I sometimes get worried when ppl pretend to be struggling with basic maths.
Willie 5 months ago

Most Ghana, even though well educated aee not able to handle basic arithmetics like area, percentages and fractions.
This is because of how our educational curriculum was/ is designed....it lacks the application bit. Virtua ...
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Most Ghana, even though well educated aee not able to handle basic arithmetics like area, percentages and fractions.
This is because of how our educational curriculum was/ is designed....it lacks the application bit. Virtually we learn these things not knowing where/how to apply them.
I have had Ghanaian engineers who can't calculate the amount of tiles needed for a building project...but they have completed their university program with a 1st class. Normally, anybody who has completed primary 6 should be able to handle and apply basic arithmetics in his / her daily activities.
Mathematics is what controls the world, and the universe as a whole. And if we are not even able to handle the basics then we have a problem.
Kofi Mensah 5 months ago

I doubt if there is a Ghanaian Engineer who can't do basic Mathematics. With my little knowledge, at least I know a good pass in Mathematics is one of the entry requirement for an engineering program.

I doubt if there is a Ghanaian Engineer who can't do basic Mathematics. With my little knowledge, at least I know a good pass in Mathematics is one of the entry requirement for an engineering program.
.mr amin 5 months ago

Yes 66% but they failed by allowing the cedi to depreciate to an alarming rate so the current govt has done well with the cedi and it's the main problem and mother serpent of all the problems we face, any govt that manages th ...
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Yes 66% but they failed by allowing the cedi to depreciate to an alarming rate so the current govt has done well with the cedi and it's the main problem and mother serpent of all the problems we face, any govt that manages the cedi well would be successful as it is the rate is still high it should come to a single digit
Opoku Amsterdam 5 months ago

Mr Amin, you can deny the truth because as usual you are wearing a political lense so to you anything good is bad when it's an achievement by the Npp.You can't change figures and Dr Bawumia will always be remembered as the a ...
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Mr Amin, you can deny the truth because as usual you are wearing a political lense so to you anything good is bad when it's an achievement by the Npp.You can't change figures and Dr Bawumia will always be remembered as the architect of the Gold for Oil policy.Mahama is just reaping what he didn't sow .He has done nothing special since he assumed power.He is still incompetent
.mr amin 5 months ago

Opoku I am an npp and I supported bawumia in the last election but this govt so far has managed the cedi well and it deserve the credit what I want them to do et the cedi ito appreciate to a single digit they shouldn't allow ...
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Opoku I am an npp and I supported bawumia in the last election but this govt so far has managed the cedi well and it deserve the credit what I want them to do et the cedi ito appreciate to a single digit they shouldn't allow the cedi to depreciate if they do they will fail
Kwaku 5 months ago

The actual figure in percentage terms is 347.72.

The actual figure in percentage terms is 347.72.
Pris 5 months ago

USELESS NEWS....GOLD RESERVE INCREASED BY 66PERCENT AND DOLLAR WAS SELLING AT 17CEDIS......EVERYDAY TEXTBOOK ECONOMICS

USELESS NEWS....GOLD RESERVE INCREASED BY 66PERCENT AND DOLLAR WAS SELLING AT 17CEDIS......EVERYDAY TEXTBOOK ECONOMICS

Hunter 5 months ago

DID YOU GET BROKEN HEART??? FOOL CALLING NEWS USELESS.

THE DOLLAR IS NOW 10 CEDIS DO YOU THINK IT HAPPENED JUST BY CHANCE OR SOME MAGIC???

NATION BUILDING IS A LONG PROCESS NOT AN EVENT. THE ACTIONS OF 1957 STILL ECHOE ...
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DID YOU GET BROKEN HEART??? FOOL CALLING NEWS USELESS.

THE DOLLAR IS NOW 10 CEDIS DO YOU THINK IT HAPPENED JUST BY CHANCE OR SOME MAGIC???

NATION BUILDING IS A LONG PROCESS NOT AN EVENT. THE ACTIONS OF 1957 STILL ECHOES TODAY AND WILL FOREVER. SO STOP THE NONSENSE ABOUT TEXTBOOK ECONOMICS.

WHAT BAWUMIA DID YESTERDAY HAS AN EFFECT ON THE DOLLAR RATES TODAY. GBEMALE
Logan Finney 5 months ago

Then, for such a whooping 18 months of gold increment, why couldn't they manage the depreciation of the cedi, and the cedi kept going up rather than going down. What credit are you talking about to be given to such incompeten ...
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Then, for such a whooping 18 months of gold increment, why couldn't they manage the depreciation of the cedi, and the cedi kept going up rather than going down. What credit are you talking about to be given to such incompetent government. You think by increasing the gold reserve alone can hold down the cedi. If you claim it is so, then for 18 months of about 200+ percentage increase, the cedi should have been managed. Someone took the cedi 4 cedis and some pesewas, in a whole 8 years of administration, you took it from 4 to 17, creating such a substantial mess like this. You tried to control it, and even upon the gold reserve increment, you still couldn't not do that within that whole 18 months of you starting to achieve that gold reserve increment. Someone took over and within 6 months, they added just about 2. Whatever, and they've been able to manage the cedi. And you want us to clap for you; for what - for your incompetence or for what. You created a mess and you tried to solve it fruitlessly.... Mktcheeew...
Kwesi Felix Boafo 5 months ago

They didn't pump dollars into the system like what your government is doing. Have you heard IMF is telling your governor to stop intervening in the market?

They didn't pump dollars into the system like what your government is doing. Have you heard IMF is telling your governor to stop intervening in the market?
K. Gyasi 5 months ago

Still Covid 19, Russian-Ukraine war. Have you forgotten, instead of minding our own business, they were given excuses. Why not Nana Addo rather. Come out with proper news and stop politicised every situation.

Still Covid 19, Russian-Ukraine war. Have you forgotten, instead of minding our own business, they were given excuses. Why not Nana Addo rather. Come out with proper news and stop politicised every situation.
Kk 5 months ago

Yes, because gold was not sold to generate forex to satisfy the supposed needs of the public. Rather it was saved for future use. It is like a father who spends all the money he generates but fails to save for the future of h ...
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Yes, because gold was not sold to generate forex to satisfy the supposed needs of the public. Rather it was saved for future use. It is like a father who spends all the money he generates but fails to save for the future of his family. Remember that the previous BOG governor said he could bring the exchange rate down to 10cedis but he didn’t. He could have done what the current government is doing now.
Hannan 5 months ago

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CITIZEN 5 months ago

It's very interesting. This current government will never give any credit to Bawumia as if his interventions did nothing. All because he is political opponent. I don't like NPP but Bawumia is a real gem for Ghana. Time will o ...
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It's very interesting. This current government will never give any credit to Bawumia as if his interventions did nothing. All because he is political opponent. I don't like NPP but Bawumia is a real gem for Ghana. Time will only tell.
True 5 months ago

I guess the issue here is, he was the lead of the group that created the problems to begin with. If he had been diligent, the problems wouldn’t have come to need fixing later?

A stitch in time saves 9. If you don’t do ...
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I guess the issue here is, he was the lead of the group that created the problems to begin with. If he had been diligent, the problems wouldn’t have come to need fixing later?

A stitch in time saves 9. If you don’t do the wrong thing, there wouldn’t be any need to fix anything.
Moses 5 months ago

All credits should go to Ghanaians who paid taxes and was USED for the purchase of gold NOT people who made no tax payment during the period.

All credits should go to Ghanaians who paid taxes and was USED for the purchase of gold NOT people who made no tax payment during the period.
Joy & Blessings 5 months ago

Ghanaweb is owned by an NPP mp who is a Bawumia supporter. Bawumia himself said he wasn’t part of the economic management team. Bawumia himself said all credit and criticism goes to the mother serpent of Corruption. Bawumi ...
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Ghanaweb is owned by an NPP mp who is a Bawumia supporter. Bawumia himself said he wasn’t part of the economic management team. Bawumia himself said all credit and criticism goes to the mother serpent of Corruption. Bawumia himself said he spends $8 million per month for drone deliveries. Do the math and calculate how many clinics, hopitals, laboratories, cold chain storage could have been built across Ghana for that amount of money. Bawumia spent 90,000,000 per month on NABCO, for 2020 votes only to lose voters and now have NaBco in arrears. Bawumia said he created 1 village 1 dam. Do you think we have forgotten.

Abaqua 5 months ago

Write your comment; Somebody had moor thinking mind than somebody. bawumia had qualify mind than mahama true. read bank of ghana news is clear on gold reserves. n gold for oil plan is simple.

Write your comment; Somebody had moor thinking mind than somebody. bawumia had qualify mind than mahama true. read bank of ghana news is clear on gold reserves. n gold for oil plan is simple.
Osaman 5 months ago

Is it Nana Addo who was in charge or Bawumia???
Any positive news about Nana Addo government is credited to Bawumia and the bad ones given to the President why ?????

Is it Nana Addo who was in charge or Bawumia???
Any positive news about Nana Addo government is credited to Bawumia and the bad ones given to the President why ?????
Gracy 5 months ago

Thankfully, ndc are riding on the unannounced success of npp. Most of their ideas are based on what npp had put in place. It's rather unfortunate that npp always meet world challenges. Ndc is always lucky

Thankfully, ndc are riding on the unannounced success of npp. Most of their ideas are based on what npp had put in place. It's rather unfortunate that npp always meet world challenges. Ndc is always lucky
True 5 months ago

I’m sorry to read such load of rubbish from an educated person. World affairs do not have a timetable. How often do you hear about Switzerland having economic challenges? They are just better governed irrespective of global ...
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I’m sorry to read such load of rubbish from an educated person. World affairs do not have a timetable. How often do you hear about Switzerland having economic challenges? They are just better governed irrespective of global issues.
Okonengye Kingsley 5 months ago

Prosperity will be kind to Nana Addo and Dr Mohamudu Bawumia. Increasing Ghana's gold reserve by 66% in just 2yesrs is remarkable.

Prosperity will be kind to Nana Addo and Dr Mohamudu Bawumia. Increasing Ghana's gold reserve by 66% in just 2yesrs is remarkable.
Efo Akuffo Addo 5 months ago

Lol.
@Okonengye Kingsley, you are a big fool.
Is 8 tons 66% of 30 tons?
Masa stop commenting with nonsense.

Lol.
@Okonengye Kingsley, you are a big fool.
Is 8 tons 66% of 30 tons?
Masa stop commenting with nonsense.
Ony3 5 months ago

If your outlet continues to mislead its readers, you'll one day realize you're no longer getting visitors

If your outlet continues to mislead its readers, you'll one day realize you're no longer getting visitors
ANOTHER BAWUMIA VISION HELPING GHANA 5 months ago

THAT'S BAWUMIA POLICY, THIS MAN IS INDEED VISIONARY...

THAT'S BAWUMIA POLICY, THIS MAN IS INDEED VISIONARY...
Yes We Know 5 months ago

And the point of regurgitating this story is what? The election is over. The former vice president will be applauded for this policy although it could have been useful a year or two before, however the country is moving on wi ...
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And the point of regurgitating this story is what? The election is over. The former vice president will be applauded for this policy although it could have been useful a year or two before, however the country is moving on with the hope that the new government will consolidate our reserves as well. Ohh...they've made a start?
Edmond Amponsah 5 months ago

Even the devil deserve his due . Thank you Dr Bawumia for such a brilliant ideas. Ghana owe this success to you dianamic leadership

Even the devil deserve his due . Thank you Dr Bawumia for such a brilliant ideas. Ghana owe this success to you dianamic leadership

Canham Kofi Donkor, Toronto 5 months ago

It is so shameful the way some Ghananian journalist spew out senseless propaganda. Why are these senseless Ghananians who call themselves journalists afraid of the truth? In this digital age?
Here are the real facts then. Si ...
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It is so shameful the way some Ghananian journalist spew out senseless propaganda. Why are these senseless Ghananians who call themselves journalists afraid of the truth? In this digital age?
Here are the real facts then. Since independence, the country's gold reserves has always been 8.7 tons. By May 2023, which is 66 years after independence when the Akuffo Addo's government started this gold purchasing program under the leadership of Dr. Mahamadu Bawumia. By the time the government handed over the reigns of government to the current regime of Mahama around December 2024, the Bank of Ghana's gold stocks has been increased to 30.53 tons. Therefore a whopping 21.75 tons was added to the nation's gold reserves under Bawumiahs leadership.
Mathematically, the percentage increase can be calculated as [ ( 30.53 -8.78) ÷ 8.78] × 100 % = 247.2%.
It appears this writer didn't learn the concept of simple percentages in school. 247.2% is completely different from 66%. Don't use propaganda to play down this great achievement, which is apparently the reason why Ghana's CEDI is achieving stability. Enough of the senseless lie, deception, and propaganda.
KB 5 months ago

Ghana needs to (in addition to the gold) create a reserve that complies with the rules-based monetary system.As many countries contemplate the creation of Strategic Bitcoin Reserves (including Bretton Woods favoured USA), Gha ...
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Ghana needs to (in addition to the gold) create a reserve that complies with the rules-based monetary system.As many countries contemplate the creation of Strategic Bitcoin Reserves (including Bretton Woods favoured USA), Ghana needs to set aside a % of our Gold Reserves in Bitcoin as most billionaires are doing today.
NDC is best for Ghana 5 months ago

You say all this bullshit and yet it was the Ndc that brought down the dollar,npp and connected propaganda will die out slowly,they have lost the goodwill of Ghanaians no matter what they do,they are better off keeping quiet, ...
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You say all this bullshit and yet it was the Ndc that brought down the dollar,npp and connected propaganda will die out slowly,they have lost the goodwill of Ghanaians no matter what they do,they are better off keeping quiet,in their time the cedi was 17 cedis,now what gold increments are they talking about.
Nii 5 months ago

PR pitched story. Yadaase

PR pitched story. Yadaase
Sammy 5 months ago

Please the person who published this have to know that 31.98 tonnes reserves former vice President duck a big hole down at all the sectors in the economy therefore president Mahama is feeling the holes now so how can ...
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Please the person who published this have to know that 31.98 tonnes reserves former vice President duck a big hole down at all the sectors in the economy therefore president Mahama is feeling the holes now so how can he reserve gold after feeding the holes is completely finished you will see the reserve and report it according
Moreover if you reserve 31 tonnes of gold and the people in the country are suffering and economy too spoil to zero percent is it a good management

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BoG confirms Ghana increased its gold reserves by 66% under Bawumia's 'Gold Purchase Program'

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