Former Finance Minister, Seth Terkper, has defended recent reforms in Ghana’s gold sector, insisting that the policy direction has helped strengthen the country’s foreign reserves and supported the performance of the cedi.
Mr. Terkper addressed ongoing public debate about the Bank of Ghana’s financial position and whether its reported losses should be assessed in isolation or within the broader macroeconomic context.
According to him, the gold sector reforms were aimed at improving reserve accumulation and stabilising the local currency rather than focusing solely on immediate revenue gains.
“One of the things was taking quick steps in strengthening the reserves, which translates into appreciating the cedi,” he told JoyNews.
He explained that the reforms largely centred on restructuring and sanitising the gold marketing and management system, which he believes has improved efficiency in the sector.
“We can say it is the sanitisation of the marketing of gold,” he noted, adding that although the implementation process was not perfect, the outcomes have been largely positive.
Mr. Terkper further argued that the reforms have contributed to a turnaround in the sector, particularly through the strengthening of the Bank of Ghana’s reserves.
“It’s a clean-up exercise of the sector with massive increment of reserves for the Bank of Ghana,” he stated.
He also observed that gold remains a critical global asset, competing strongly with the US dollar and other foreign currencies in shaping economic stability.
The former minister cautioned that Ghana’s inability to fully optimise the value of its gold resources in the past has limited its economic gains, even as the commodity continues to play a stabilising role in the wider economy.
By: Martha Seyram Jackson | Metrotvonline.com | Ghana
