Vice President Dr. Mahamudu Bawumia has said Ghana’s gold is the only solution to stabilise the depreciating cedi.
The flag bearer of the New Patriotic Party (NPP), has asked Ghanaians to vote for him in the December elections in order to stabilise the currency.
According to Dr Bawumia, his ultimate goal is to back the Cedi with the country’s gold to ensure the currency’s stability.
The Vice President made the disclosure when he met with the Organised Labour to have a discussion on the prospects of the cedi amid the incessant depreciation to other currencies.
“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.
“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 said.
