Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has made a bold pledge to stabilize the Ghanaian cedi by backing it with the nation’s gold reserves if he is elected president in the upcoming December 7 polls.
Speaking at a meeting with Organised Labour, Dr. Bawumia outlined his vision for a stable national currency, highlighting the critical role of gold reserves in achieving this objective. He emphasized the lack of an anchor for the cedi and proposed that tying it to gold would provide the necessary stability.
He further elaborated on the benefits of this approach, asserting that it would bring substantial stability to the exchange market.
Dr. Bawumia’s proposal comes amid ongoing challenges with currency volatility, which has been a significant concern for businesses and the economy at large. By leveraging Ghana’s gold reserves, he aims to create a more resilient economic environment.
As the campaign progresses, Dr. Bawumia’s plan to back the cedi with gold is expected to be a key issue in the policy discussions leading up to the December elections. The NPP flagbearer’s strategy seeks to reassure both local and international stakeholders of his commitment to economic stability and growth.