Audio By Carbonatix
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.
Latest Stories
-
Ho Central Mosque shooting: Volta REGSEC locked in emergency meeting
21 minutes -
National Chief Imam condemns shooting at Ho Central Mosque, calls for peace and justice
30 minutes -
Minority demands parliamentary probe into BoG-GoldBod $214m loss
43 minutes -
The beats, the moves, the memories: Joy FM’s 90’s Jam comes off on Jan. 2
1 hour -
Divaloper hosts third Builders Leadership Summit to nurture bold leaders
2 hours -
20-year-old remanded for illegal firearm possession, death threats at Abuakwa
2 hours -
PWDs are citizens with rights, not objects of sympathy – Tano South MCE
2 hours -
Kumasi Evangel Choir tours Europe and Asia
2 hours -
DJ Shaker HD wins big at Hitz FM’s Hottest DJ 2025
2 hours -
Non-payment, illegal connections hurting Ghana Water’s operations – GWL warns
2 hours -
Anthony Joshua in road crash, two die
2 hours -
TOR says structures in place to prevent another shutdown
2 hours -
Doormaster delivers on promise with GH¢20K smart security door at Joy FM’s Family Party in the Park
2 hours -
Mrs Emily Mamle Abotsi
2 hours -
TOR can refine Ghana’s local crude – Corporate Affairs Officer clarifies
2 hours