History will be kind to you – Bawumia tells Akufo-Addo

Flagbearer of the New Patriotic Party (NPP), Vice President Dr Mahamudu Bawumia has told President Nana Addo Dankwa Akufo-Addo that he will be remembered for his ‘unprecedented’ achievements.

Dr Bawumai said history will be kind to President Akufo-Addo.

“We promised change and we have made significant progress. Mr. President, I can assure you that history will be kind to you, and you will be remembered for your unprecedented achievements,” he said during the launch of the NPP’s manifesto in Takoradi on Sunday August 18.

Dr Bawumia further stated that the next NPP government will stabilize the Ghana cedi through the gold purchase programme.

He disclosed that the two policies that helped rescue the economy from catastrophe in the recent crisis are the Bank of Ghana’s domestic gold purchase program and the Gold For Oil (G4O) program.

“I am happy to say that the two policies that helped rescue the economy from catastrophe in the recent crisis were the Bank of Ghana’s domestic gold purchase program and the Gold For Oil (G4O) program. The pilot has worked for a number of companies, some of which wanted to forex to repatriate profits. We have, thus, found a solution to profit reparation problem without destabilising our local currency. This also brings major comfort to foreign investors operating in our country.  I believe from the success of the pilot scheme, we can confidently say that we have found a solution to the age-old foreign exchange problem that successive governments have struggled to contain, and which invariably led to inflation and other macro-economic challenges.” He disclosed.

The NPP flagbearer noted that his government will completely institutionalize what he calls Gold-for-Forex program even as the country intensify efforts to transform the structure of the Ghanaian economy.

“Simply put, the domestic gold purchase program (DGPP) is a policy which allows the Bank of Ghana to boost its foreign exchange reserves by buying locally produced gold with cedis. Gold purchases from this program alone have amounted to $5 billion in the last couple of years. With Ghana’s unexplored gold reserves estimated at 5 billion ounces (and a market value today of $10 trillion dollars)”, he emphasized

Dr. Bawumia said his government will ramp up the gold purchase program to cover all major forex demands.

“Put simply, if for example a company wants dollars, we will take their cedis, buy gold, and give them dollars. In this situation demand equals supply. The gold purchase program will, therefore, provide the anchor that our local currency has always lacked.” He disclosed.

 

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