09
Aug
Vice President, Dr Mahamudu Bawumia has unveiled plans to stabilize the cedi by anchoring its value to gold, a move aimed at mitigating currency depreciation and addressing ongoing foreign exchange challenges. This strategy follows the success of the domestic gold purchase programme, which has enabled the Bank of Ghana to amass 65.4 tons of gold worth US$5 billion, significantly strengthening the country’s gold reserves. During the inauguration of the Royal Ghana Gold Refinery in Accra on Thursday, Dr Bawumia emphasized that this new foreign exchange policy is intended to ensure the long-term stability of the cedi. “I propose a new…