The Minister for Food and Agriculture and Member of Parliament for Asunafo South, Eric Opoku, has stated that the Gold for Reserves policy was not originally initiated by former Vice President Dr. Mahamudu Bawumia.
Speaking on Asempa FM’s Ekosii Sen programme, Mr. Opoku said the Bank of Ghana had been holding gold reserves long before the introduction of the policy under the previous government.
According to him, although Dr. Bawumia later introduced the Gold for Reserves and Gold for Oil initiatives, the programmes did not fully achieve their intended objectives and reportedly recorded losses due to poor implementation.
“The idea was good, but it wasn’t implemented well,” Mr. Opoku said, adding that while Dr. Bawumia expanded the policy, he was not its originator.
The minister stressed that the Bank of Ghana’s practice of holding gold reserves predates the policy, noting that challenges in execution ultimately affected its overall impact.
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