Ghana piloted 21st Century Gold Standard under Bawumia – Gideon Boako

Read Article

Comments (28)

This article is closed for comments.

Read Comments Comments (28)

Niger 1 month ago

PRAISE YOUR SELVES, AND HOW WAS THE ECONOMY?NPP ,YOU WERE STEALING IN ALL SECTORS THEN SUDDENLY ALL THESE SECTORS ARE MAKING PROFITS.

PRAISE YOUR SELVES, AND HOW WAS THE ECONOMY?NPP ,YOU WERE STEALING IN ALL SECTORS THEN SUDDENLY ALL THESE SECTORS ARE MAKING PROFITS.
NPP SENIOR CITIZEN 1 month ago

Still no sensible person in current NPP Criminal Organisation Party, NPP WILL ROT IN OPPOSITION, R.I.P BAWUMIA

Still no sensible person in current NPP Criminal Organisation Party, NPP WILL ROT IN OPPOSITION, R.I.P BAWUMIA
Blaze Word Assem. 1 month ago

Economic policies that make losses continually can't fashioned on sound models, bossu the more you tried to heap praise on Bawumia and project him, the more you expose his economic skills bankruptcy. The G4O was a total fail ...
read full comment

Economic policies that make losses continually can't fashioned on sound models, bossu the more you tried to heap praise on Bawumia and project him, the more you expose his economic skills bankruptcy. The G4O was a total failure and G4R have been in practice since time immemorial, it can't Bawumia's brainchild. What the NPP under his economic management implemented was designed to enrich some few selected individuals.
Kwasi Addai 1 month ago

Luckily all the stupid people in Ghana are members of a single party, the NPP. That’s why the party is now called Nkwaseafo People's Party.

Luckily all the stupid people in Ghana are members of a single party, the NPP. That’s why the party is now called Nkwaseafo People's Party.
Joko 1 month ago

The moment you mention Bawumia nobody take you seriously. We all saw what he did with the economy, we also know how he destroyed Zimbabwen economy when Mugabe hired him ,we will not give him the chance to destroy Ghana again ...
read full comment

The moment you mention Bawumia nobody take you seriously. We all saw what he did with the economy, we also know how he destroyed Zimbabwen economy when Mugabe hired him ,we will not give him the chance to destroy Ghana again. That kitchen economist has done more damage than Tsunami.
Jet 1 month ago

The moment the writer mentions Bawumia the argument just falls flat. U guys are still struggling to market this man colour have chosen. Can u come up with what you will do anew instead of trying to claim credit for a man that ...
read full comment

The moment the writer mentions Bawumia the argument just falls flat. U guys are still struggling to market this man colour have chosen. Can u come up with what you will do anew instead of trying to claim credit for a man that was just a mate. Personally internet should devise an algorithm that just deletes anything that has the word Bawumia in it
sotrue 1 month ago

this is rubbish, those avenues which were shrouded in secrecy which you used to steal monies ? apuuuu Bawuliar a total disaster

this is rubbish, those avenues which were shrouded in secrecy which you used to steal monies ? apuuuu Bawuliar a total disaster
Jumbo 1 month ago

This is a piece of garbage. What does NPP take Ghanaians for?. Bawuliar literally run away from economic issues for almost two years before 2024 and took refuge in digitization, how can he become the architect of Gold purchas ...
read full comment

This is a piece of garbage. What does NPP take Ghanaians for?. Bawuliar literally run away from economic issues for almost two years before 2024 and took refuge in digitization, how can he become the architect of Gold purchasing program. Ghana was buying gold and selling same since independence so no one can claim credit for the gold trade.

In any case, does NPP government had a choice? . NPP government was locked out of international financial market because it defaulted on its loan payment, as a result, our economy was rated jank( Borla economy).So the only option left was to sell more of its resources including gold to survive. The gold for oil program was a desperate measure rather than a well thought through program. Nobody engages in batter trade in the 21st century. Many countries would have sold the gold and use the proceeds to buy the oil instead of the stone age batter trade.

And for the records, Dr Mahamudu Bawumiah is not the architect of gold back treasury by the central bank. Like I said before this was in existence since independence. Again, Russia started it in 2022 when the western countries froze it's foreign assets after the invasion of Ukraine. So Gideon Boaku, cut the noise in your vain attempt to white wash Bawuliar.
K Poku-London-UK 1 month ago

Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out ...
read full comment

Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out of its 68 years history-Ghana IS A FAILED STATE. Dr Bawumia pls aren't you embarrassed by revelations at the PAC on revelations of crime committed by the very people u and Akuffo Addo appointed to run affairs of this country? What record are u going to defend. I have lost respect for you. A muslim without intergrity.
The World Bank has pushed back against the erstwhile Akufo-Addo administration’s long-held narrative that Ghana’s 2022 economic collapse was the result of global turmoil, the COVID-19 pandemic and the Russia-Ukraine war.
Bawumia was the Chairman of the Ghana National Economic Management Committee but he says that he was the Drivers Mate. How can a driver's mate do this when he claims he never had the chance to implement anything in government because the powers that be did not allow him. Yet he wants to claim credit for any good things that he never did yet will refuse to accept responsibility for any failure in their government. How stupid does this man think we are? You took the cedi from 4 to 17 and still had the audacity to tell us the rate of depreciation at that time was better than the previous NDC administration. What at all does this man take us for? Does he think we're stupid or what? Someone should tell this man that we haven't forgotten about the DDEP haircuts and surely we shall punish the npp again come 2028.

It insisted that the economic meltdown was “homegrown”.

In its latest 2025 Policy Notes on Ghana, the Bank made clear that while the COVID-19 pandemic and Russia’s invasion of Ukraine worsened the situation, they were not the root cause.

“The deterioration of global conditions… was not the cause of the 2022 macroeconomic crisis; rather, it merely exposed an economy already beset with deep structural vulnerabilities and precarious macroeconomic conditions,” the report said.

The government has frequently blamed external shocks for the collapse, which saw inflation spiral, the cedi plummet, and the country default on its debt.

But the World Bank said years of weak governance, fiscal indiscipline, and stalled reforms were the real culprits of Ghana's "dark days".

Interbank Market: Cedi trades at GH¢12.35 to $1

The bank also argued that the easy access to international credit and expectations of resource windfalls encouraged short-term political decisions at the expense of long-term stability.

The report noted that the cycle of expansionary spending followed by painful corrections, one that has forced Ghana into 17 IMF programs over the past 68 years, is damaging.

“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programs, remaining under active IMF support for 40 out of its 68 years of history,” the Bank said.

The report also noted that more than 800,000 people were pushed into poverty in the aftermath of the 2022 crisis, with per capita incomes stuck at around US$2,200 for over a decade.

Today, more than a quarter of Ghanaians live below the poverty line, it noted.

Looking ahead, the Bank also raised alarms about Ghana’s fiscal management in the 2024 election year.

It flagged unbudgeted spending commitments of roughly US$4.8 billion, equivalent to 5.7% of GDP, much of it accumulated outside official financial systems.

“Spending indiscipline poses a critical challenge…undermining efforts to maintain fiscal discipline and compromising long-term sustainability,” the report cautioned.

Also, the energy sector arrears still cost around 2% of GDP annually, while COCOBOD’s debts reached US$1.8 billion in 2024, with interventions distorting markets and hurting farmers.

The bank warned that Ghana now stands at a critical crossroads, and temporary fixes will not be enough.

“There is an urgent need to signal a clear break from the past and a commitment to change… Success will ultimately be measured by the ability of the government to regain the trust of its citizens.”

Its recommendations are focused on restoring fiscal discipline, broadening the tax base, reforming state-owned enterprises, and enhancing governance.

Without decisive reforms, the World Bank cautions, Ghana risks remaining trapped in its cycle of crisis and bailouts for decades to come.

=-=====------
8722222222222222222222244444444444444444444444444444478789999090
MONEY-MAKING DEPENDS ON A SKILL - LEARN YOURS, LEARN THIS SKILL, LEARN HOW! 1 month ago

Start €ARNING DAILY CASH-INCOME through this technical service that is hot in demand. Learn today, not tomorrow. Smart people are cashing out fixing what everyone uses: Smart Phones! Think about it - everyone has a phone, a ...
read full comment

Start €ARNING DAILY CASH-INCOME through this technical service that is hot in demand. Learn today, not tomorrow. Smart people are cashing out fixing what everyone uses: Smart Phones! Think about it - everyone has a phone, and everyone eventually breaks it. You don’t need a University degree to start. You need a SKILL. Engr. Chukky Oparandu has simplified everything in his "Complete Guide for Beginners & Professionals."(check "Mobile Phones & Tablets Repairs" page on Facebook)He has already mentored over 2,000 people across Africa. What you’ll learn: How to set up your own repair workspace - How to fix the most common (& most profitable) phone faults; The business side; How to charge customers & make money. Get the guide and start learning today. Note: Your Training & Personal Development Budget is your best investment for self advancement. GET Chukky Oparandu’s guide. This skill also opens many other business doors. No huge capital needed to start. Just a skill you earn from once you apply it. Rush now, Search “Chukky Oparandu” on Amazon or visit selar.co/m/chukky (French edition "Gagnez de l'Argent en Réparant des Téléphones & Tablettes" Available!). Don’t miss his blockbuster career guide:“IT Career: A Roadmap" ...13kewn

Okumaning 1 month ago

Desperately seeking a place for BAWUMIAH. His GOLD for OIL was a way to LOOT Ghana. Instead of standing by the good intentions BAWUMIAH and his NPP turned it into MONEY GRABBING venture. "BECHEM ROYAL " Tell ghanaians what B ...
read full comment

Desperately seeking a place for BAWUMIAH. His GOLD for OIL was a way to LOOT Ghana. Instead of standing by the good intentions BAWUMIAH and his NPP turned it into MONEY GRABBING venture. "BECHEM ROYAL " Tell ghanaians what BAWUMIAH'S GFO achieved, cedi never appriciated OIL (petrol)price never came down so what are you trying to achieve from your deliberate move to squeeze BAWUMIAH for a place in ghana's gold storyline ? The only achievement was for you high level thieves making yourselves into millionaires overnight.
Gold in almost everywhere in Ghana 1 month ago

As an gold production country,we only have 31 tonnes of gold in reserve,then it's a pity

As an gold production country,we only have 31 tonnes of gold in reserve,then it's a pity
Kweku S 1 month ago

This is always tooting Bamuwia, but the economic wizkid performed abysmal. The economy was under it's knees during Bamuwia's economy policy. I heard him recently bragging the the dollar would be 8 cedis if NPP had won the 2 ...
read full comment

This is always tooting Bamuwia, but the economic wizkid performed abysmal. The economy was under it's knees during Bamuwia's economy policy. I heard him recently bragging the the dollar would be 8 cedis if NPP had won the 2924 ekection because they implemented policies the reason the dollar is stable under NDC. Mr Bash stop your nonsense, the inflation soared to 54% , and dropped to 23% somehow before NPP left office. The inflation is currently a one digit now. Stop running your mouth, NPP and your Bamuliar failed. Ask Bamuwia about the Caoe coast aurport, how far.
When the fundamentals are weak 1 month ago

One Ghanacard is better than a thousand interchange, what a warped logic. Infact bahumia is a moron

One Ghanacard is better than a thousand interchange, what a warped logic. Infact bahumia is a moron
Akofu Addo 1 month ago

See his like a pregnant toad. Kwasia what do you take Ghanaians for? Wuni twasidi wa'te

See his like a pregnant toad. Kwasia what do you take Ghanaians for? Wuni twasidi wa'te
K. Kusi 1 month ago

Under Bawumia as what? What kind ungratefulness is that? When something seems good, it Bawumia but when it is bad then it is Akufo Addo's government.

Was is it not the same Bawumia that said he was not in charge of the ec ...
read full comment

Under Bawumia as what? What kind ungratefulness is that? When something seems good, it Bawumia but when it is bad then it is Akufo Addo's government.

Was is it not the same Bawumia that said he was not in charge of the economy though he was the head of the so-called economic management team?

How can you people be so fickle minded that you say these things without indicating Akufo Addo? Was he a simpa panyin?

You see, for those who do not know, this behavior is in the DNA of Bawumia's family. His father did same to E. A Mahama to get him removed and have him take over as regional minister for the then northern region. His father joined all governments in the history of Ghana: Nkrumah, Busia, Acheampong, Rawlings. This is a very unprincipled family that only follow their stomachs.
K Poku-London-UK 1 month ago

Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out ...
read full comment

Who took Ghana to the IMF in 2022? It was Dr Messiah Bawumia and Ken Ofori Atta- cum Akuffo Addo- The NPP Economic Messiah-Dr Bawumia. Ghana has been to the IMF 18 times- Ghana has spend 40 years under the IMF conditions out of its 68 years history-Ghana IS A FAILED STATE. Dr Bawumia pls aren't you embarrassed by revelations at the PAC on revelations of crime committed by the very people u and Akuffo Addo appointed to run affairs of this country? What record are u going to defend. I have lost respect for you. A muslim without intergrity.
The World Bank has pushed back against the erstwhile Akufo-Addo administration’s long-held narrative that Ghana’s 2022 economic collapse was the result of global turmoil, the COVID-19 pandemic and the Russia-Ukraine war.
Bawumia was the Chairman of the Ghana National Economic Management Committee but he says that he was the Drivers Mate. How can a driver's mate do this when he claims he never had the chance to implement anything in government because the powers that be did not allow him. Yet he wants to claim credit for any good things that he never did yet will refuse to accept responsibility for any failure in their government. How stupid does this man think we are? You took the cedi from 4 to 17 and still had the audacity to tell us the rate of depreciation at that time was better than the previous NDC administration. What at all does this man take us for? Does he think we're stupid or what? Someone should tell this man that we haven't forgotten about the DDEP haircuts and surely we shall punish the npp again come 2028.

It insisted that the economic meltdown was “homegrown”.

In its latest 2025 Policy Notes on Ghana, the Bank made clear that while the COVID-19 pandemic and Russia’s invasion of Ukraine worsened the situation, they were not the root cause.

“The deterioration of global conditions… was not the cause of the 2022 macroeconomic crisis; rather, it merely exposed an economy already beset with deep structural vulnerabilities and precarious macroeconomic conditions,” the report said.

The government has frequently blamed external shocks for the collapse, which saw inflation spiral, the cedi plummet, and the country default on its debt.

But the World Bank said years of weak governance, fiscal indiscipline, and stalled reforms were the real culprits of Ghana's "dark days".

Interbank Market: Cedi trades at GH¢12.35 to $1

The bank also argued that the easy access to international credit and expectations of resource windfalls encouraged short-term political decisions at the expense of long-term stability.

The report noted that the cycle of expansionary spending followed by painful corrections, one that has forced Ghana into 17 IMF programs over the past 68 years, is damaging.

“Sudden macroeconomic stops and crises have led the country to request a record number of IMF programs, remaining under active IMF support for 40 out of its 68 years of history,” the Bank said.

The report also noted that more than 800,000 people were pushed into poverty in the aftermath of the 2022 crisis, with per capita incomes stuck at around US$2,200 for over a decade.

Today, more than a quarter of Ghanaians live below the poverty line, it noted.

Looking ahead, the Bank also raised alarms about Ghana’s fiscal management in the 2024 election year.

It flagged unbudgeted spending commitments of roughly US$4.8 billion, equivalent to 5.7% of GDP, much of it accumulated outside official financial systems.

“Spending indiscipline poses a critical challenge…undermining efforts to maintain fiscal discipline and compromising long-term sustainability,” the report cautioned.

Also, the energy sector arrears still cost around 2% of GDP annually, while COCOBOD’s debts reached US$1.8 billion in 2024, with interventions distorting markets and hurting farmers.

The bank warned that Ghana now stands at a critical crossroads, and temporary fixes will not be enough.

“There is an urgent need to signal a clear break from the past and a commitment to change… Success will ultimately be measured by the ability of the government to regain the trust of its citizens.”

Its recommendations are focused on restoring fiscal discipline, broadening the tax base, reforming state-owned enterprises, and enhancing governance.

Without decisive reforms, the World Bank cautions, Ghana risks remaining trapped in its cycle of crisis and bailouts for decades to come.

=-=====------
8722222222222222222222244444444444444444444444444444488999
Awal 1 month ago

You see Npp, the earlier you apologize for your mistakes for the 8yrs misrule the better… Your supporters are okay with your abysmal actions but have your research dept done some survey to see how Ghanaians people feel abou ...
read full comment

You see Npp, the earlier you apologize for your mistakes for the 8yrs misrule the better… Your supporters are okay with your abysmal actions but have your research dept done some survey to see how Ghanaians people feel about Npp!!! It is no more business as usual ooo!!! You guys are joking!!!
MO KWAME NKRUMAH NO 1 month ago

" Saa Gideon Boako no? Ferferrfer Kwa nyansa fia baako enni ne trimu,iam very disappointed in him seaa Kwa!"

" Saa Gideon Boako no? Ferferrfer Kwa nyansa fia baako enni ne trimu,iam very disappointed in him seaa Kwa!"
Salifu 1 month ago

Rubbish. NPP and plagiarism.

Rubbish. NPP and plagiarism.

ONNIPANUA PAA 1 month ago

And yet the cedi was 20 to a dolar ofui ba

And yet the cedi was 20 to a dolar ofui ba
Wgoku 1 month ago

There have never been a time American dollars were in shortage of supply in the world. Rather due to Akuffo Addo, Bawumia government officials and others corruption and looting habits, the US dollar becomes their target of sa ...
read full comment

There have never been a time American dollars were in shortage of supply in the world. Rather due to Akuffo Addo, Bawumia government officials and others corruption and looting habits, the US dollar becomes their target of saving stolen Cedis. And they stolen every single dollar coming into the coffers of the Bank Of Ghana. Gold4Oil oil was the most corrupt scheme in Ghana history. THIEVES.
Ojatanaa 1 month ago

Bawumia is coming like kakai

Bawumia is coming like kakai
GOLDEN 1 month ago

WHATEVER,MANY COUNTRIES HAVE GOLD RESERVES AS FINANCIAL SECURITY,AND DO NOT TRADE THEM FOR PEANUTS,TIME FOR TRANSPARENCY,PUBLISH NAMES OF THE COUNTRIES AND INDIVIDUALS INVOLVED IN THE GOLD FOR OIL PROGRAM,PERIOD!!!!

WHATEVER,MANY COUNTRIES HAVE GOLD RESERVES AS FINANCIAL SECURITY,AND DO NOT TRADE THEM FOR PEANUTS,TIME FOR TRANSPARENCY,PUBLISH NAMES OF THE COUNTRIES AND INDIVIDUALS INVOLVED IN THE GOLD FOR OIL PROGRAM,PERIOD!!!!
Peter 1 month ago

So why was not campaigning on the Economy touting his achievements in the last election?

So why was not campaigning on the Economy touting his achievements in the last election?
Truth 1 month ago

Then what. Get your head from bawumia's behind

Then what. Get your head from bawumia's behind

28 Comments

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

Ghana piloted 21st Century Gold Standard under Bawumia – Gideon Boako

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (28)

Read Comments Comments (28)