I’ll stabilise cedi with gold – Dr. Bawumia

The flagbearer of the New Patriotic Party (NPP), Dr Mahamadu Bawumia, has promised to stabilise the local currency if he is elected president in the December 7 polls.

According to Dr Bawumia, his ultimate goal is to back the Cedi with the country’s gold to ensure the currency’s stability.

Speaking at a meeting with Organised Labour, Dr. Bawumia said there is no anchor to hold the cedi except to back it with gold.

“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.”

Source: citinewsroom