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Bawumia proposes anchoring Cedi to Gold for long-term stability
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 on Thursday, Dr Bawumia stated that the new forex exchange policy would ensure the long-term stability of the Cedi.
“I would like to propose a new foreign exchange regime management architecture for Ghana next year in which the value of the cedi with everything we have put in will be anchored to gold. I want us to move our foreign exchange management because we need an anchor and I believe that the best anchor for the Cedi is gold. I want us to anchor the Cedi to gold,” he said.
According to him, “I am proposing a framework which we will discuss with the central bank, of course, and we will see where. But the framework that I am proposing is very simple. Having looked at all that we have done, all significant demand for gold should be channelled through the Bank of Ghana’s gold purchase programme.”
“If you have GHȼ3 billion and you are looking to buy forex, the Bank of Ghana can take the GHȼ3 billion and buy gold and give you your forex. Demand equals supply, exchange rate doesn’t move,” he added
The Vice President said, “It is just a simple use of our gold reserves to meet the demands of forex. Once you can anchor the Cedi with gold so that you are able to meet demand then there are so many extra forex reserves to do other things for the country.
“But then you will maintain long-term exchange rate stability, which will be anchored on gold and then we will move forward,” the Vice President said.
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.
Source: Citinewsroom.com
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Health Minister leads delegation Mimi Darko’s appointment as AMA Director General
Kwabena Mintah Akandoh, Minister for Health and Member of Parliament has led a delegation to secure the appointment of Dr Delese Mimi Darko, Chief Executive Officer of the Food and Drugs Authority, as the Director General of the African Medicines Agency (AMA) during the ongoing 2nd Ordinary Session of the Conference of State Parties in Kigali, Rwanda.
This prestigious appointment, achieved through a competitive process, marks a proud and historic moment for Ghana and the entire continent.
It highlights Dr. Darko’s exceptional leadership, professionalism, and unwavering commitment to enhancing public health and regulatory systems across Africa.
The Minister expressed his deep appreciation to President John Dramani Mahama for his strong support and leadership throughout this process.
Mr.Akandoh congratulated Dr. Mimi Darko and Team Ghana for their incredibly successful campaign.
The AMA was established by the African Union on November 5, 2021, with the primary objective of improving access to quality, safe, and effective medical products throughout the continent. Its creation aims to facilitate the regulation and oversight of essential medicines at a continental level while promoting collaboration among African countries and regions.
The Agency’s mission is to provide leadership in creating an enabling regulatory environment for the pharmaceutical sector in Africa, ensuring that the African population has access to essential medical products and technologies.
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Police arrest five suspects involved in robbery cases in Ashanti Region
The Police Intelligence Directorate (PID) in the Ashanti Region has informed the public about a recent breakthrough in the fight against armed robbery in the Denchemuoso District.
Following a series of robbery incidents in the area, on April 22, 2025, PID/Ashanti operatives, acting on credible intelligence, apprehended one Michael Owusu Ansah, alias Baby Last, aged 32.
The suspect had been on the police wanted list since 2016 in connection with a robbery and the murder of Police Officer G/Cpl Frank Essel of SWAT/Ashanti, which occurred at the Open Space Hotel in Denchemuoso on May 19, 2016.
During interrogation, the suspect confessed to engaging in multiple street and residential robberies in Denchemuoso, Atwima-Techiman, Asuoyeboah, and surrounding areas.
He also disclosed that his gang operated with knives, pistols, and pump-action guns.
Further investigations led to the identification and arrest of his accomplices, namely:Emmanuel Owusu, alias Cassidy, Maxwell Gyimah, alias Nana Kwame, Sudais Oxford Ntiamoah, alias The Man Sudais and Rhano Okyere, alias Demon
These individuals were arrested from their hideouts within Atwima-Techiman and Denchemuoso.
However, one suspect, remains at large and efforts are underway to apprehend him and recover the weapons used in the robberies.
All five arrested suspects were arraigned before the Atasomanso Circuit Court on May 13, 2025.
They were remanded into police custody and are scheduled to reappear on June 4, 2025.
