Bawumia reveals how gold-for-oil and gold-for-reserves programmes were conceived

Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has revealed that the idea behind Ghana’s gold-for-oil and gold-for-reserves programmes came to him while exercising one morning. According to him, the initiative was born out of the need to address Ghana’s severe foreign exchange constraints after the Russia-Ukraine war disrupted access to international capital markets. Speaking at a public event, Dr Bawumia said Ghana had traditionally relied on raising about $3 billion…