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The difference between NDC and NPP is that NPP think of generations to come but NDC think of the now for the applause. Only time will tell. In 2023, Ghana’s gold reserves were 8.78 tonnes since Nkrumah era but visionary Dr. Bawumia came up with the Gold Purchase programme...

10,671 görüntüleme • 7 ay önce •via X (Twitter)

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*Dr. Gideon Boako writes on Cedi Performance and the underpinning Bawumia Formula* *Like the typical NDC, our Goldbod CEO, Sammy Gyamfi, is failing to appreciate the issues and show gratitude for implementing the Bawumia Formula.* They steal your ideas and insult you on top of it!_ 1. First, why are we all celebrating a stronger cedi today? 2. Yesterday, the Finance Minister attributed the cedi’s strong performance to the NPP’s Gold for Forex initiative! Well, he said the programme of the GoldBod to buy and sell gold. Yes, Gold4Forex! 3. ⁠But, how did it all begin? Whose idea was it to leverage our gold to stabilise our currency, the cedi? 4. ⁠It was Bawumia! He found a solution to the problem that the country had battled with since the 1960s without success, cedi depreciation. 5. ⁠*It was Bawumia who realised that we can use our own gold to protect our local currency* and he started on two fronts: (a) by doing what no government had done before, building up Ghana’s gold reserves heavily and (b) by selling gold to tackle a forex problem for buying the one commodity that affects the price of everything, petrol/diesel, with the Gold for Oil initiative. *Remember that G4O was a pilot scheme*. 6. ⁠The experiment worked, with the Central Bank accumulating gold reserves and releasing cedis for PMMC to buy gold for forex. Indeed, BoG used gold for forex (G4FX) for several items, including drugs, legitimate repatriation of profits for multinationals, eg, $211m for MTN stuck here for years. 7. ⁠*Bawumia promised in 2024 to institutionalise Gold for Forex to make it the main basic anchor for cedi’s stability.* 8. ⁠He laid out his plans in the NPP’s 2024 Manifesto. The NDC read it. Liked it. 7. ⁠He did not win, but the NDC which won saw wisdom in it and, with the GoldBod, has made G4FX their only known key policy! Not even 24 Hour Economy has happened! 8. ⁠But, when Bawumia started this G4FX agenda, the NDC called him all sorts of names. They said it could not yield any results. They even described it as corrupt! But Bawumia believed in his ideas, and he had the support of his boss, President Akufo-Addo, to pursue the plan. Today, we are here because of Bawumia’s brains, his vision, and his ability to find solutions to Ghana’s problems. 9. ⁠*Today, not only NDC, all gold producing economies in Africa, including Namibia and Burkina Faso, are using the Bawumia Gold Formula to achieve macroeconomic stability and protect their economies.* 10. ⁠But, is the Mahama government going about it the right way? We doubt it. We are worried. 11. ⁠The aim of Bawumia and the NPP was to build both gold and gross international reserves to appreciable levels before seeking to inject dollars into the economy as a measure to contain depreciation. 12. ⁠The NDC has neglected building up our gold reserves since January and only focusing on buying gold for forex. This imbalance will cost us dearly if not fixed quickly. 13. ⁠You cannot continue injecting dollars without addressing the structural defects that keep the local currency on the depreciating path. 14. ⁠Gold for Forex is one thing, but where is the industrialisation policy too? 15. ⁠If today’s quantum of reserves had not been built by the previous government, there is no way the current government could pump such a huge amount of dollars into the market to contain the depreciation. 16. ⁠If the NPP government had not thought about the future, the cedi would have been suffering today. Mahama should think about the future like we did, start again to build higher gold reserves, and let’s see his industrialisation programme as well. 17. ⁠For now, please thank Bawumia and the NPP for bringing the idea of using our gold to stabilise our cedi. Don't be ungrateful. Ghana succeeds for all of us. Shalom.

Dr Ekua Amoakoh

12,785 görüntüleme • 1 yıl önce

BREAKING NEWS: The Government of Ghana through the Ghana Gold Board, working under the joint-direction of the Minister of Finance and Minister for Lands and Natural Resources, has reached a landmark agreement with the Ghana Chamber of Mines to buy 30% of the gold output of all large-scale mining companies in Ghana, effective 1st July, 2026. Under the new agreement and unlike the previous 2022 arrangement between the Bank of Ghana and the Ghana Chamber of Mines, each large-scale mining company will sell 30% of their gold output to the GoldBod locally in Ghana, in doré (raw) form and at a discount of 0.55%. All gold purchases under the new agreement will be in Ghana cedis and at to the Bank of Ghana Reference Rate. The new arrangement has been strategically curated by Government to ensure that Ghana achieves LBMA accreditation for at least one local gold refinery by the year 2030. All doré gold bought by the GoldBod will be refined locally to ensure local value retention, shipped to an LBMA refinery for melting and stamping and delivered to the Bank of Ghana as part of the country’s gold reserves. This arrangement is in line with the Ghana Accelerated National Reserve Accumulation Program (GANRAP) aimed at building foreign reserves of 15-months of import cover by the end of the year 2028 and President Mahama’s vision of achieving zero raw mineral exports by the year 2030. Other details of the Memorandum of Understanding signed between the Ministry of Finance, Ministry of Lands and Natural Resources, Ghana Gold Board, the Bank of Ghana and the Ghana Chamber of mines will be published on Monday, 29th July, 2026

Ghana GOLDBOD

22,181 görüntüleme • 1 ay önce

Keep your hands off our gold “In the rush to hoard stuff for a rainy day, there’s been scant discussion about the future of our existing mineral stockpile; the 80 tonnes of gold the Reserve Bank of Australia has sitting in vaults. The rapid surge in gold prices means the value of the RBA’s gold has doubled in Australian dollar terms over the past two years and more than tripled over the past seven years. Which makes it a great time to sell those 80 tonnes of gold for just over $18 billion of cash. The analogy extends to physical capital; what’s the point of having a gold stockpile if you never sell it?” ••••••••••••••• The AFR (no doubt acting as a proxy for Treasury) is arguing that Australia should sell its gold. This is a very dangerous thing to do. Some time in the future the U.S. dollar will stop being the world’s reserve currency and there will be reset of the monetary system. It’s highly likely that when this happens the new currency will be backed by gold. Those countries with the largest gold reserves will in the strongest financial position after reset. Gold is an appreciating asset, unlike bonds which depreciate due to inflation. That’s why central banks manipulate the gold price by artificially shorting it via paper contracts on the Comex to prevent individuals from accumulating it. Let’s not forget the U.S. outlawed the possession of gold in 1932 to prop up the paper markets. Articles like this remind us that the world’s financial system is on very shaky ground. Western government debt levels are unsustainable and the bond markets are on very shaky ground. Gold has always been insurance against reckless government spending/borrowing. Rather than sell our gold, the Australian government should be accumulating it. Any attempt by central banks to take our gold needs to be stopped stone cold dead. That includes bringing our gold back home, away from the clutches of the Bank of England.

Gerard Rennick

23,843 görüntüleme • 3 ay önce