Bawumia Pledges to Stabilize Cedi with Gold
Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has vowed to stabilize Ghana’s local currency, the cedi, by backing it with the country’s gold reserves if elected president in the December 7 polls.
Speaking at a meeting with Organised Labour, Dr. Bawumia emphasized the importance of having a stable anchor for the cedi. He stated, “Ultimately, my goal is that we are going to back our currency with gold and that is where I want us to go, increasingly backing our currency with gold. Because it is very easy for us to do so if you keep having the gold reserves.”
He elaborated on the benefits of this approach, noting that backing the cedi with gold would bring significant stability to the exchange market. “Right now, we don’t have an anchor to hold the currency, but if we back it with gold, it will be very stable, because its value ultimately will be reflected by the value of gold, which is very stable,” Dr. Bawumia explained.
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This strategy aims to mitigate the currency’s volatility and provide a more reliable financial environment for the country.
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