Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has committed to stabilizing Ghana’s local currency by backing the Cedi with the country’s gold reserves if he is elected president in the upcoming December 7 polls.
During a meeting with organized labor, Dr. Bawumia emphasized that the Cedi currently lacks a stable anchor and proposed that using gold reserves could provide the necessary stability.
“Ultimately, my goal is to back our currency with gold,” Dr. Bawumia stated. “This approach will ensure stability in the exchange market. Right now, we don’t have an anchor to hold the currency, but if we back it with gold, its value will be reflected by the value of gold, which is very stable.”
He added that leveraging gold reserves is a feasible strategy for Ghana and would help maintain a stable exchange rate for the Cedi.
