In the event that he wins the presidency in the polls on December 7, Dr. Mahamadu Bawumia, the flagbearer of the New Patriotic Party (NPP), has pledged to stabilize the local currency.
Dr. Bawumia claims that his ultimate objective is to secure the stability of the Cedi by backing it with the nation’s gold.
Dr. Bawumia stated during a meeting with Organised Labour that the only way to support the cedi is by backing it with gold.
He said in the address:
“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”
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