The 2024 flagbearer of the governing New Patriotic Party (NPP), Dr Mahamudu Bawumia has revealed his intentions to adopt a new approach to stabilise the economy if elected.
This announcement comes amid the cedi’s persistent depreciation against major trading currencies.
The cedi currently trades at 15 cedis to the US dollar, with significant depreciation against the Euro and British Pound, causing concern among the business community about the ripple effects on their transactions.
He said this during his ‘Bold Solutions for the Future’ stakeholder engagement with labour union leaders.
Addressing the gathering, Dr Bawumia attributed the challenge to the lack of a stable anchor for the cedi.
He said his “goal is that we are going to back our currency with gold… because it is very easy for us to do so.”
“If you keep having the gold reserves, that gold gives 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,” he said.
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