Accra, Ghana – Member of Parliament Hon. Kabiru has questioned what he describes as a contradiction in the government’s economic report regarding Ghana’s gold reserves, arguing that the Bank of Ghana cannot be praised for building reserves while simultaneously selling a significant portion of them.

Contributing to the debate on the fiscal and economic report in Parliament, Hon. Kabiru acknowledged the success of the Domestic Gold Purchase Programme, saying it has helped strengthen Ghana’s external position and reduce dependence on foreign currency.

“Mr. Speaker, this is a policy we have commended,” he stated.

However, he pointed out that the same report also indicates that the Bank of Ghana liquidated about 22.2 tonnes of Ghana’s gold reserves, a move he believes contradicts the objectives of the programme.

“On one breath you are telling us that the programme is contributing to the stability of our economy, and on another breath you are selling the gold that was accumulated under the previous government. I don’t think that is right,” he argued.

Hon. Kabiru described the decision to sell approximately 22.2 tonnes of gold reserves as a “bad policy decision,” insisting that the country should remain committed to building its reserves rather than reducing them.

He maintained that while the government continues to promote policies aimed at accumulating gold reserves, the liquidation of a substantial portion of those reserves sends mixed signals about Ghana’s economic strategy.

“We cannot clap for accumulation on page one and justify liquidation on page two. That is a contradiction,” he concluded.

The MP called for consistency in the government’s economic policies and reporting, stressing that efforts to strengthen Ghana’s financial position should be reflected in both policy direction and implementation.

Story: Dennis Awuni | Our Democracy News (DNS NEWS GH)