Member of Parliament for Tano North, Dr. Gideon Boako, has disclosed that the former Vice President and 2024 flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, considers the late implementation of his gold-for-currency idea as his greatest regret during his eight-year tenure as Vice President.
Speaking in an interview on United Television (UTV), Dr. Boako said Dr. Bawumia’s plan to have the Bank of Ghana (BoG) purchase gold to help stabilize the cedi could have transformed Ghana’s economy much earlier if it had been implemented sooner.
“If you sit with Dr. Bawumia today and ask about his biggest regret as Vice President, he will tell you that it is the delayed implementation of the gold purchase initiative meant to support the local currency,” Dr. Boako noted.
“Had the idea been adopted earlier, it would have saved the economy a lot of trouble,” he added.
According to Dr. Boako, the then-Vice President did not have full authority to implement key economic ideas directly, as he had to channel them through ministries and economic agencies such as the Ministry of Finance and the Bank of Ghana.
“Even this gold purchase initiative we are now applauding the Bank of Ghana for did not start immediately when Bawumia first proposed it,” he said.
“They dragged their feet for a while,” the host inquired, Dr. Boako firmly stated “Yes, because Ghana had no precedent for such a policy. No country on the African continent had done it before, so many doubted whether it would succeed.”
Dr. Boako recalled that even within academic circles, the idea was viewed with skepticism. He recounted a conversation with a university professor who warned that implementing such an untested strategy could backfire.
“Because it hadn’t been done before, many people didn’t think it would work. But today, we can see the results,” Dr. Boako said.
He emphasized that the eventual launch of the gold-for-currency strategy has yielded positive results, significantly contributing to the stability of the cedi.
“When we finally started, the impact was immediate and strong. Today, the main anchor sustaining the cedi is the Bank of Ghana’s gold purchase program. Even current government officials including Professor Opoku-Agyemang, have acknowledged its role in stabilizing the currency,” Dr. Boako added.
He concluded that although the initiative came late, it remains one of Dr. Bawumia’s most impactful economic ideas.
“It’s better late than never. The policy is working, and it’s helping Ghana maintain a more stable currency. That, indeed, is Bawumia’s legacy idea,” he stated.
Source: www.Kumasimail.com
