Bawumia pledges to stabilize cedi with gold reserves if elected president
Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has committed to stabilizing Ghana’s local currency, the Cedi, if he wins the upcoming presidential election on December 7.
During a meeting with Organized Labour, Dr. Bawumia outlined his plan to back the Cedi with the country’s gold reserves, emphasizing that this strategy would provide the much-needed stability for the currency.
“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.”
Dr. Bawumia further explained that the current lack of an anchor for the Cedi is a significant issue. He believes that gold reserves would serve as a reliable stabilizing factor.
“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. 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,” he added.
