Gold for Reserve is a policy of national self-sabotage – Minority Leader

Tue Feb 03 2026

Addressing Parliament on February 3, 2026, the Minority Leader said government is only sabotaging the nation with its Gold Reserve policy and deceiving Ghanaians that it is fighting Galamsey. He claimed that the policy is only a cynic agenda to get gold from galamsey activities to maintain the stability of the Cedi.

“Galamsey prevention and the fight against galamsey has been abandoned. It has allowed galamsey to flourish unchecked, devastating our forests, poisoning our rivers and destroying the livelihoods of our farmers. “And for what purpose? The evident suggests a desperate cynical strategy to source gold from these destructive channels in a frantic bid to pop up Ghana Cedi through this reserve programme,” he stated.

He continued: “Mr. Speaker, we the Minority state without equivocation that this is a policy of national self-sabotage. I repeat the Gold Reserve policy that government has introduced to the extent that government is not taking steps to ensure full enforcement of anti-galamsey operations, we say for the record that it is a policy of national self-sabotage.” He maintained that government is only “monetizing the destruction of our environment and the theft of our future to feed failing financial scheme.”

Gold for Reserves Policy is an economic strategy where government uses locally mined gold to build its foreign exchange reserves, instead of relying mainly on hard currencies like the US dollar. The central bank gets gold, keeps it as part of national reserves, and use it to support the currency, pay for imports, or strengthen financial stability.

This reduces demand for foreign currency and helps stabilise the exchange rate and conserve forex.

Source: https://3news.com/