Former Parliamentary candidate for NPP, in Sekyere Drobonso, Mr. George Ackom, has criticized the government over its handling of Ghana’s gold reserves.
According to him, the reserves that were built under the previous administration were intended to serve as a strategic national asset during periods of severe economic crisis.
“Under the leadership of Nana Addo Dankwa Akufo-Addo, the NPP government worked for eight years to build and safeguard Ghana’s gold reserves to support the country during difficult times,” he said. He explained that the reserves were meant to act as a backup asset in case Ghana faces a serious economic challenge and is unable to secure support from international partners.
Speaking on the Wontumi Morning Show with host Kweku Kyeremanteng Nkansah, Mr. Ackom alleged that the current National Democratic Congress (NDC) government is mismanaging the gold reserves accumulated under the previous administration.
He claimed that the government has decided to sell part of the reserves in an attempt to stabilize the economy.
“The government is selling the gold in an attempt to reduce the strength of the dollar against the cedi,” he said, questioning what would happen if the gold reserves were depleted while the country’s economic challenges persist.
Mr. Ackom argued that gold reserves should be preserved strictly for major national emergencies.
“Right now, if Ghana faces a severe crisis and cannot obtain international support, the country could rely on its gold reserves to stabilize the economy,” he added.
He further stated that the NPP administration left approximately 30.5 tonnes of gold in reserve before leaving office but claimed that the current government has shifted from preserving the reserves to trading them.
“If this continues, Ghana could eventually exhaust its gold reserves,” he warned.
Mr. Ackom therefore called on the government to reconsider its approach and protect the country’s gold reserves for future national emergencies.