GoldBod (Gold for reserves) by NDC is extraordinary to NPP’s Gold For Oil, that’s why it has been a game changer for the cedi’s rise – Hon Akuako Frimpong
Former Municipal Chief Executive (MCE) for Sekyere Central, Hon. Akuoko Frimpong, has stated that the National Democratic Congress (NDC)’s “Gold for Reserves” under the GoldBod) is a more effective initiative than the New Patriotic Party (NPP)’s “Gold for Oil” program.
The former MCE asserted that the GoldBod initiative, championed by the NDC’s economic brain trust, is more strategically aligned with strengthening Ghana’s monetary reserves and reducing dependency on foreign exchange for essential imports.
“Let’s be honest,” Frimpong said on the program. “The NPP’s Gold for Oil program may sound good on paper, but in practical terms, it hasn’t brought the results Ghanaians were promised. The real game changer for the cedi is the NDC’s Gold for Reserves GoldBod. It has brought stability and boosted investor confidence.”
In recent years, gold has become a central theme in Ghana’s macroeconomic strategy as the government and opposition look for ways to stabilize the currency, reduce inflation, and cushion the country from external shocks especially amid global oil price fluctuations and dollar scarcity.
The Gold for Oil initiative, launched by the NPP government in late 2022, sought to purchase petroleum products using gold instead of U.S. dollars to ease pressure on the forex market. However, it has faced criticism over transparency, inconsistent supply chains, and questions around long-term viability.
On the other hand, the Gold for Reserves (GoldBod) idea initially proposed by elements within the NDC’s economic team and adopted by the Bank of Ghana focuses on using locally purchased gold to shore up the country’s foreign reserves, improving Ghana’s creditworthiness and currency strength.
According to Akuoko Frimpong, it is this strategy that has led to the gradual appreciation of the cedi in recent months.
NPP communicators maintain that Gold for Oil has eased fuel price pressures and stabilized domestic transport costs, while NDC officials argue that the policy has been shrouded in secrecy and lacks measurable results.
WATCH VIDEO BELOW:
