Ghana will own 100% of gold reserves under my government – Dr. Bawumia

Flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, has made a case for the maximization of the benefits from the country's natural resources to help create jobs, improve livelihoods and boost the domestic economy.

He stated that given the large amounts of gold reserves Ghana possesses, his government, when given the nod, will legislate a policy that allows areas with proven gold reserves to be 100% Ghanaian owned.

He said this policy will also build Ghana’s gold reserves appreciably to reach a point where the country can boast of sufficient gold reserves to keep external payments in a strong and sustainable position.

“My government will provide the Geological Survey Department and our universities with resources annually to undertake a mapping of areas where we have gold reserves.

"As a matter of policy, we will legislate that concessions in these areas with proven reserves will be 100% Ghanaian owned since with proven gold reserves, we can easily raise the capital required and hire the expertise,” Dr Bawumia said when he delivered a public lecture on February 7, 2024, at the UPSA.

He further pointed that his government, if elected, will also engage exploration experts from the universities and geological institutions to assist in exploring some seven large gold belts stretching from Axim and Winneba, to Nangodi and Lawra.

“However, even if only 5% of this 5-billion-ounce estimate materializes, it will be a game changer for Ghana,” Dr Bawumia added.

According to the Geological Survey Department, Ghana has some seven gold belts covering an area of 43,000 square kilometres, with about 50% (21,000 km) that are yet to be explored.

The conservative estimate of this development is that the potential quantum of gold in these unexplored belts is around 5 billion ounces. This represents a market value of $10 trillion dollars at the present.

MA/AE

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