‘I WILL STABILIZE THE CEDI WITH GOLD’ – Dr. Bawumia Assures Amid Depreciating Cedi

“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 we 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,” Dr. Bawumia explained.

The local currency, the Cedi, is experiencing one of its worst declines in decades. It is currently the third-worst-performing currency in the world this year, according to Bloomberg.

The instability of the cedi has severely impacted the cost of living and inflationary pressures in Ghana.