Vice President Dr. Mahamudu Bawumia has hinted at plans to anchor the value of the Cedi to gold in an effort to cushion the local currency against depreciation and address persistent forex challenges.
This follows the success of the domestic gold purchase programme, under which the Bank of Ghana has acquired 65.4 tons of gold valued at US$5 billion, significantly boosting Ghana’s gold reserves.
Speaking at the inauguration of the Royal Ghana Gold Refinery in Accra, Dr Bawumia stated that the new forex exchange policy would ensure the long-term stability of the Cedi.
According to the Bank of Ghana’s summary of economic and financial data, the Cedi has depreciated by 19.6 percent against the dollar as of July 2024.
