Dr Othniel Ekow Kwainoe is the MP for Ekumfi
The Member of Parliament for Ekumfi, Dr Othniel Ekow Kwainoe, has praised the government’s GoldBod initiative, describing it as an impactful venture than the previous government’s Gold-for-Oil programme.
Speaking on Citi FM on Friday, June 20, 2025, as monitored by GhanaWeb Business, Dr Kwainoe said the GoldBod programme spearheaded by the Ghana Gold Board and focused on small-scale gold mobilisation has already delivered substantial results within just four months of implementation.
“GoldBod comes in, and with the engagement of 40% small-scale miners and all, today, we are expecting about $5.2 billion in just four months. Our reserves have gone up from around $9 billion under the NPP to about $10.7 billion, according to the latest Monetary Policy Committee report,” he stated.
Dr Kwainoe contrasted this progress with the outcomes of the Gold-for-Oil policy introduced under the previous administration.
While acknowledging that the programme did increase Ghana’s gold reserves from 0.8 tonnes to approximately 30 tonnes, he argued that it failed to deliver broader macroeconomic benefits.
“Have you not wondered why, with Gold-for-Oil, the currency depreciation was still at 17%? The reserves improved, yes, but the impact on the Cedi and the wider economy was negligible. That’s a big deal in our economic context,” he noted.
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