Dr Boako cuts Sammy Gyamfi into size over gold reserves propaganda

Dr. Gideon Boako, the MP for Tano North in Ahafo Region, criticized Sammy Gyamfi. Gyamfi is the CEO of Gold Bod. Boako said Gyamfi failed to recognize Dr. Mahamudu Bawumia's contributions to the cedi's gains.

Boako believes that even under John Dramani Mahama’s leadership, Bawumia's ideas are crucial. He stated that the government should acknowledge this fact.

Boako expressed his views in response to a social media post by Gyamfi. He accused Gyamfi of not appreciating the situation and lacking gratitude for Bawumia’s formula.

He noted that while the government uses Bawumia's ideas, it is not doing so effectively. This raises concerns about the country's economic direction.

Boako pointed out that many gold-producing countries are using Bawumia's formula for stability. However, he questioned whether Mahama’s government is implementing it correctly.

He urged the government to focus on building higher gold reserves for Ghana’s future. He emphasized that if the NPP had not planned ahead, the cedi would be struggling today.

In his post, Boako explained why a stronger cedi matters. A stable cedi keeps prices low and helps combat inflation and unemployment.

He mentioned that yesterday, the Finance Minister credited the cedi's performance to NPP’s Gold for Forex initiative. However, he reminded everyone that it was Bawumia who proposed leveraging gold to stabilize currency.

Bawumia identified solutions to Ghana's long-standing currency depreciation issues since the 1960s. He initiated two key actions: building up gold reserves and selling gold to address forex problems.

The Central Bank has successfully accumulated gold reserves through these initiatives. This allowed them to release cedis for purchasing gold needed for forex transactions.

Bawumia plans to institutionalize Gold for Forex in 2024 as a foundation for currency stability. His proposals were included in NPP’s 2024 Manifesto, which even caught NDC’s attention.

Despite initial criticism from NDC when Bawumia introduced G4FX, he remained committed to his vision with President Akufo-Addo's support. Today’s successes stem from Bawumia’s innovative thinking and problem-solving abilities.

Boako highlighted that other African nations are now adopting Bawumia's Gold Formula too. Yet he remains skeptical about how Mahama's administration is handling these strategies.

He warned against neglecting gold reserve building while focusing solely on buying gold for forex. This imbalance could have serious consequences if not addressed promptly.

Injecting dollars into the economy without fixing structural issues will not solve depreciation problems. Boako also questioned where Mahama’s industrialization policy fits into this plan.

If previous governments hadn’t built up reserves, current efforts would struggle significantly more today.

Finally, Boako urged gratitude towards Bawumia and NPP for their role in stabilizing Ghana's currency with gold initiatives.