NPP Criticizes Government Over Economic Narrative and Gold Reserves

Awal Mohammed, a member of the New Patriotic Party, has challenged the government’s portrayal of Ghana’s economic strength, questioning whether recent global events have exposed underlying vulnerabilities.

Speaking on the AM Show on JoyNews, Mohammed described it as contradictory for an economy deemed stable to be heavily affected by events occurring thousands of kilometres away. “An economy they say is doing so well has been hit hard by just two weeks of bombing 6,200 kilometres away,” he remarked.

He further alleged that gold reserves amassed under former Vice President Mahamudu Bawumia have been largely depleted by the current administration, claiming the country now holds around 18 tonnes of gold, with some reserves reportedly converted into dollar holdings. This comes as the government continues to emphasize a 5.7-month import cover.

Mohammed argued that the administration is benefiting from reserves built by its predecessors, especially at a time when gold prices are performing strongly on the global market. “They are enjoying because someone left something behind, and today gold is doing well so they are benefiting from it,” he said.

He also pointed to perceived inconsistencies in political messaging. During the Russia–Ukraine conflict, he noted, the current government—then in opposition—minimized the potential impact of distant global conflicts on Ghana. Yet now, it attributes domestic economic challenges to tensions in the Middle East, including Israel–Iran developments.

“This shift raises questions about how economic difficulties are being communicated to the public,” Mohammed concluded.