‘I Will Bring Stability To The Cedi By Using Gold’ – Bawumia Promises
Dr. Bawumia Pledges to Stabilize Cedi by Backing with Gold
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.
“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,” Dr. Bawumia stated.
He further elaborated on the benefits of this approach, asserting that it would bring substantial stability to the exchange market.
“And that will keep a lot of stability in the exchange market. Because 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.
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.