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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
The Ashanti South Regional Police Intelligence Directorate has arrested two suspects in connection with a robbery attack on an Indian national in Obuasi and a separately planned robbery operation targeting a distribution company in the same area.
On April 16, 2026, Police received credible intelligence that a group of armed men were planning an attack in Obuasi. A police team moved swiftly into the area and arrested suspect Iddrisu Fuseini, also known as “Iddi”, at his hideout in Bedieso, Obuasi.
During interrogation, he confessed to being part of a six-member gang that attacked an Indian national at his residence at New Baakoyeden, Obuasi, on April 12 2026, robbing him of GH₵150,000.00.
He disclosed that the attack was orchestrated following a tip-off from suspect Ibrahim, an employee of the victim, who informed the gang that the victim kept large sums of money.
Further investigations led to the arrest of a second suspect, Shaibu Mohammed, also known as “SM” or “Cicinati”, on 20th April 2026 at his hideout in Gausu, Obuasi. During interrogation, he admitted to participating in the planning of the robbery and confirmed that the gang had further planned to rob a distribution company near Mawuli Hotel in Obuasi.
Investigations have further revealed that both suspects are currently standing trial at the Obuasi Circuit Court in connection with a separate robbery of GH₵600,000.00.
A manhunt is ongoing to arrest the remaining accomplices, identified as Khalifa, Edward, Prof, Waddle, Ebbe, and Ibrahim, and to recover a pump action gun and a locally manufactured pistol believed to be in their possession.
The Inspector-General of Police (IGP), Mr. Christian Tetteh Yohuno, together with members of the Police Management Board (POMAB), on April 17, 2026, decorated nineteen (19) senior officers who have been promoted to their next ranks based on the recommendations of the Police Council and approval of the President, John Dramani Mahama.
The ceremony, held at the National Police Headquarters in Accra, forms part of efforts to recognise merit, dedication, and long-standing service within the Ghana Police Service, while strengthening leadership across key operational and administrative levels.
The officers promoted from Deputy Commissioner of Police (DCOP) to Commissioner of Police (COP) are Dr. Luke Asue-In-Yeng Zakpaa, Mr. Frederick Agyei, Mr. Duuti Tuaruka, Mr. Arthur Osei-Akoto, Mr. Darko Offei Lomotey, Mr. Eric Ken Winful, Mr. Barnabas Nambont Nasumong, and Mr. Desmond Owusu Boampong.
The IGP and members of POMAB congratulated the officers and urged them to uphold the highest standards of professionalism and integrity in the discharge of their duties.
