Ghana’s gold reserves have surged from roughly eight tonnes to more than 31 tonnes, a rise attributed to the 21st Century Gold Standard piloted under former Vice President Dr Mahamudu Bawumia, Tano North MP Gideon Boako said.
Boako explained that the Domestic Gold Purchase Programme and Gold‑for‑Oil initiative proved gold could serve as a modern monetary and reserve‑management tool without reverting to the rigid gold standard of the 20th century.
He noted that by the end of 2024, Ghana’s gross international reserves exceeded $9 billion, underscoring the potential of the approach.
According to Boako, the model does not tie a currency’s value to a fixed amount of gold; instead, gold acts as a backing instrument and liquidity buffer while exchange rates remain flexible and central banks keep independent monetary policy.
“Gold is not a relic. It is infrastructure,” Boako said, arguing that Ghana’s experience could offer a blueprint for commodity‑producing economies looking to convert natural‑resource wealth into stronger reserves and reduce reliance on traditional reserve currencies.
Ghana’s experience may guide other nations seeking to strengthen reserves without sacrificing monetary flexibility.
