Government's gold reserves policy not novelty – Dr Boako

Dr Gideon Boako, the New Patriotic Party (NPP) Member of Parliament for Tano North, says the government’s plan to accumulate gold reserves to contain external shocks is not a novelty.

He said a similar initiative was implemented under the previous NPP administration.

Contributing to the debate on the floor of Parliament on Wednesday, on the government’s reserve accumulation policy, Dr Boako recalled that the NPP government rolled out the Gold for Reserves programme during the 2021/2022 fiscal year.

He explained that the programme enabled the country to significantly boost its gold holdings, increasing reserves from eight to 32 tonnes by the end of 2024.

The Tano North Legislator, however, expressed concern that the current reserve accumulation policy lacked clarity, urging government to provide detailed guidelines to ensure transparency and effective implementation.

Isaac Adongo, the National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, in a sharp rebuttal, said the country’s foreign exchange reserve at the end of 2024 was less than two weeks’ import cover, plunging the cedi into turmoil.

He argued that the NDC government had within a year in office increased the country’s foreign exchange reserves from eight dollars billion to $13 billion by the end of 2025, thereby stabilising the local currency.