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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
Four tricycle operators, popularly known as ‘Pragya’, have been prosecuted and fined GH¢600 each equivalent to 50 penalty units by the Accra Metropolitan Assembly (AMA) Sanitation Court for obstructing public roads at the Agbogbloshie Market.
The offenders, who were arrested by Public Health Officers of the AMA during a routine enforcement exercise, pleaded guilty to the offence and were subsequently convicted by the court.
The four operators were among the 21 offenders recently arrested at the Agbogbloshie Market for various sanitation and public order violations, including selling on open drains, obstructing walkways, and trading at unauthorised locations.
Speaking after the court proceedings, the Head of Public Health at the AMA, Madam Florence Kuukyi, said the court was lenient with the offenders since it was their first appearance, hence the fine, and warned that subsequent offenders would face stiffer penalties, including imprisonment.
The Ghana Police Service has arrested a man believed to be behind a series of robberies and killings of taxi drivers in the Greater Accra Region.
According to a statement from the Criminal Investigation Department (CID), the suspect, Peter Akakpo, also known as “Dompe,” was arrested on October 13, 2025, at Kasoa-Domeabra.
Police say he is an ex-convict and is believed to have worked with another suspect, Vincent Gbetorglo, who was arrested earlier on June 30, 2025.
The arrests follow investigations into the deaths of two taxi drivers at Sakaman Blue Lagoon on May 9 and June 15, 2025. Police say the suspects contacted the victims before the attacks.
The Anti-Armed Robbery Unit of the CID led the investigation, using intelligence and surveillance to track down the suspects.
Police say efforts are being made to recover the vehicles of the murdered drivers.
The CID assured the public that investigations are still ongoing and promised to provide updates as new information emerges.
By: Jacob Aggrey
