- Dr. Bawumia promises to stabilize Cedi with gold backing
- Gold reserve to anchor Cedi's value for economic stability
- NPP flagbearer's plan to ensure exchange market stability
Dr. Mahamadu Bawumia, the presidential candidate of the New Patriotic Party (NPP), has vowed to stabilize the local currency, the Cedi, if elected in the upcoming December 7 polls. Speaking at a meeting with Organised Labour, Dr. Bawumia outlined his plan to anchor the Cedi’s value with the country’s gold reserves, ensuring long-term stability in the exchange market.
Dr. Bawumia emphasized that currently, there is no anchor to hold the Cedi’s value, but backing it with gold would provide a stable foundation. “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,” he stated.
He explained that with Ghana’s significant gold reserves, implementing this plan would be feasible. “Because it is very easy for us to do so if you keep having the gold reserves. And that will keep a lot of stability in the exchange market,” he added.
Dr. Bawumia believes that backing the Cedi with gold would reflect the stable value of gold, bringing much-needed stability to the exchange market. “Because its value ultimately will be reflected by the value of gold, which is very stable,” he concluded.
