Dr. Mahamadu Bawumia, the New Patriotic Party (NPP) flagbearer, has pledged to stable the local currency in the event that he wins the presidency in the polls on December 7. Dr. Bawumia claims that in order to maintain the stability of the Cedi, his ultimate objective is to back the currency with the nation’s gold. During a meeting with Organised Labour, Dr. Bawumia stated that the only way to support the cedi is by backing it with gold.
Dr. Bawumia stated during a meeting with Organised Labour that the only way to support the cedi is by backing it with gold. “My ultimate objective is for us to increasingly back our currency with gold; that is the direction I want to see us take. Because if you continue to have the gold reserves, it will be very easy for us to do so. And the exchange market will remain extremely stable as a result. Due to the lack of an anchor to support our currency at the moment, it will be extremely stable if we back it with gold since the value of gold will always remain consistent.
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