Former Vice President, Dr. Mahamudu Bawumia has been praised for the bold vision and leadership that gave birth to Ghana’s Domestic Gold Purchase Programme, an initiative now widely recognised for strengthening the country’s reserve position and reshaping national discussions around monetary sovereignty.
The commendation was delivered by the Executive Director of the Centre for Policy Scrutiny (CPS), Dr. Adu Owusu Sarkodie, during a public lecture jointly organised by CPS and JOYNEWS on Monday, January 19, 2026 in Accra.
The lecture, themed “Rich in Gold, Poor in Liquidity: Omnidox and the Reconstruction of Ghana’s Monetary Architecture,” brought together economists, policymakers, financial analysts, and academics to interrogate how Ghana can leverage its gold endowment to stabilise the cedi and enhance domestic liquidity.
Delivering the welcome address, Dr. Sarkodie lauded the Domestic Gold Purchase Programme and its impact on Ghana’s reserves. “We at CPS commend the originators of the Domestic Gold Purchase Programme, particularly Dr. Mahamudu Bawumia, whose leadership and policy foresight made the gold-for-reserves strategy possible,” he stated. “From 8 tonnes in 2021, our gold reserves have risen to 38 tonnes in 2025. That is an extraordinary achievement and demonstrates what is possible when we adopt forward-looking, asset-based policy tools.”
He further noted that Ghana, as Africa’s leading gold producer and the sixth largest globally, holds immense potential to build a more self-reliant monetary structure. He referenced 2025 production figures of 5.1 million ounces valued at USD 18.3 billion to illustrate the country’s capacity to translate natural resource abundance into financial strength.
“Ghana is rich in gold but poor in liquidity because our economic architecture has historically failed to convert resource abundance into usable monetary capacity. The Domestic Gold Purchase Programme shows that transformational outcomes are achievable when we rethink how our assets are valued and mobilized,” he added.
The keynote presentation was delivered by renowned economist Professor Yegandi Imhotep Paul Alagidede, who provided a structural and historical analysis of Ghana’s monetary trajectory. He argued that the nation’s recurring liquidity challenges arise not from scarcity but from an outdated accounting and monetary framework that undervalues in-situ natural assets.
Professor Alagidede introduced the Omnidox framework, a metanomic model that proposes a resource-based, balance-sheet-driven approach to liquidity creation. He explained that by recognising gold and other resources as balance-sheet capital, Ghana could unlock between USD 634 billion and USD 952 billion in fiscal space without resorting to external borrowing.
“We are not a poor nation. We are a wealthy country with a locked treasury,” he emphasised. “Our task is to shift from borrowed doctrines to indigenous systems of valuation. Gold, when properly accounted for, can anchor our currency, our budget, and our development pathway.”
Dr. Sarkodie endorsed this perspective, noting that the Domestic Gold Purchase Programme offers a practical foundation for a broader transformation of Ghana’s monetary architecture. He stressed that Ghana must reposition its economic strategy away from dependence on external liquidity sources such as the IMF and toward mechanisms that unlock domestic wealth.
“By keeping more of our gold in-country, building reserves strategically, and adopting an asset-based approach to national accounting, Ghana can secure a more stable macroeconomic future,” he said. “The work has begun, and Ghana must scale it.”
Participants described the forum as timely, especially as the country continues to search for sustainable solutions to recurrent currency volatility and macroeconomic vulnerability. Organisers concluded that the success of the Domestic Gold Purchase Programme will remain central to national conversations about building a more resilient, self-sustaining monetary system powered by Ghana’s own resources.
