The Ashanti Regional Chairman of the New Patriotic Party (NPP), Bernard Antwi Boasiako, widely known as Chairman Wontumi, has taken aim at the current administration for enforcing what he describes as overly rigid policies surrounding gold purchasing as reported by Ghana Web
In his critique, Chairman Wontumi compared the pricing structure under previous governments to that of the current one.
He stated that the price of a pound of gold has dropped significantly from GH₵13,000 to GH₵8,000 since President Mahama returned to power in 2024.
This, he believes, is negatively impacting local miners and the broader mining economy.
Chairman Wontumi expressed frustration over the government’s approach, stating that “gold is the only commodity whose price is determined by the international market.”
He argued that the government has no authority to set local prices independent of global standards, especially when miners continue to bear the brunt of rising operational costs.
He also pointed out the economic imbalance created by this policy, claiming that while the price of gold is being artificially reduced, the cost of mining equipment continues to soar.
This, he said, places local miners in a dire situation, as they face growing expenses with diminished returns.
Wontumi warned that the administration’s tough stance on gold could backfire politically.
He suggested that attempts to control gold prices without considering the realities of the international market may not only harm small-scale miners but could also damage the ruling party’s chances in the 2028 elections.
He maintained that “nobody can sit in Ghana and determine the gold price for the miner,” stressing the need for policies that reflect global economic dynamics rather than political convenience.