Dr. Bawumia vows to peg cedi's value to gold if elected president

Read Article

Comments (50)

This article is closed for comments.

Read Comments Comments (50)

Seko 1 year ago

Empty vow. Why not now? Gold for Oil yaamutu

Empty vow. Why not now? Gold for Oil yaamutu
OSABARIMA MENSA 1 year ago

Dr Bawumia's game is long term planning.
1) He builds gold refinery.
2) He builds up gold reserves.
3) He hedges Cedi to the gold. And finally,
4) BUM, the Cedi stays competitive.

Dr Bawumia's game is long term planning.
1) He builds gold refinery.
2) He builds up gold reserves.
3) He hedges Cedi to the gold. And finally,
4) BUM, the Cedi stays competitive.
The demagogue president 1 year ago

It takes two to lie. One to lie and one to listen.

It takes two to lie. One to lie and one to listen.
Unpredictable Oye Onye Kwasi Atta 1 year ago

Hard to believe if you couldn't do it in 8 gone years

Hard to believe if you couldn't do it in 8 gone years
Saru 1 year ago

Osabarima is either a party foolsoldier, an ignoramus or a stomach politician. What didn't we hear in 2016? 8 years down the line, what is the state of the economy now? Check the cost of leaving. How long does it take for baw ...
read full comment

Osabarima is either a party foolsoldier, an ignoramus or a stomach politician. What didn't we hear in 2016? 8 years down the line, what is the state of the economy now? Check the cost of leaving. How long does it take for bawumia's plans to mature. December 2024 is about bread and butter, basic needs.
ANTWI 1 year ago

OSABARIMA HAS BEEN PROMISED iPhone.

OSABARIMA HAS BEEN PROMISED iPhone.
ANTWI 1 year ago

Please add IPHONE TO YOUR LIST

Please add IPHONE TO YOUR LIST
BANAMAN 1 year ago

A foolish man will always be foolis,look at BAWULIAR still promising what he can do.what did you say to Ghanaians about the cedi,now another stupid promise from a foolish man,you take Ghanaians for granted.

A foolish man will always be foolis,look at BAWULIAR still promising what he can do.what did you say to Ghanaians about the cedi,now another stupid promise from a foolish man,you take Ghanaians for granted.
Nana Ankasa Nie 1 year ago

This boy must stop disturbing our ears—another Ponzi scheme. Ghana has 2% share of Gold revenue.

This boy must stop disturbing our ears—another Ponzi scheme. Ghana has 2% share of Gold revenue.
OSABARIMA MENSA 1 year ago

The boy you refer to has a plan which is beyond your pay grade.

The boy you refer to has a plan which is beyond your pay grade.
Hades 1 year ago

Exactly what Bawumia want you gullible people to believe.

Exactly what Bawumia want you gullible people to believe.
SECURITY FENCING AND CCTV 1 year ago

We help secure your perimeter with modern ELECTRIC FENCE SYSTEMS that supports alarm system and backup battery system. We sell and install ELECTRIC FENCE SYSTEMS & CCTV CAMERAS. Call/WhatsApp: 0501796870 for more info. FGHTRY ...
read full comment

We help secure your perimeter with modern ELECTRIC FENCE SYSTEMS that supports alarm system and backup battery system. We sell and install ELECTRIC FENCE SYSTEMS & CCTV CAMERAS. Call/WhatsApp: 0501796870 for more info. FGHTRYYTY
Michael 1 year ago

This man again!!! What has come of Dr. Bawumia's gold for oil policy? Any update on that?? Can't Pegging the value of the cedi to gold be done now? Or he needs to take the oath of office as the president of the Republic of Gh ...
read full comment

This man again!!! What has come of Dr. Bawumia's gold for oil policy? Any update on that?? Can't Pegging the value of the cedi to gold be done now? Or he needs to take the oath of office as the president of the Republic of Ghana before he can implement it?
OSABARIMA MENSA 1 year ago

Gold refinery plant has just been completed. Patience is a virtue, so please wait and see. The good economic guru is miles ahead of the corrupt and incompetent one.

Gold refinery plant has just been completed. Patience is a virtue, so please wait and see. The good economic guru is miles ahead of the corrupt and incompetent one.
The observer 1 year ago

Proverbs 14:15
The gullible believe anything they're told; the prudent sift and weigh every word.

Proverbs 14:15
The gullible believe anything they're told; the prudent sift and weigh every word.
Maame Abenah 1 year ago

I am not an economist, therefore, I trust Dr. Bawumia who is, that he would economically do the right thing for Ghana.

I am not an economist, therefore, I trust Dr. Bawumia who is, that he would economically do the right thing for Ghana.
Onua Kofi 1 year ago

Why can't you do it now? Your government is still running the country.

Why can't you do it now? Your government is still running the country.
Cuntiki 1 year ago

Is it that idiot again?
We've known him.
Stupid bitch.

Is it that idiot again?
We've known him.
Stupid bitch.
Kwame 1 year ago

Bawumialiar if you can not do it now then you can not do it tomorrow, stop throwing dust into our eyes, we are not moved at all. JM for President 2025

Bawumialiar if you can not do it now then you can not do it tomorrow, stop throwing dust into our eyes, we are not moved at all. JM for President 2025
Thief of Staff - Akosua Frema 1 year ago

Senseless, shameless, clueless, ignorant and arrogant fool. Useless PhD holder and a cheap popularity person whose PhD the Dutch passport is better than. Kwasiaa buuluubuuluuu!!!

Senseless, shameless, clueless, ignorant and arrogant fool. Useless PhD holder and a cheap popularity person whose PhD the Dutch passport is better than. Kwasiaa buuluubuuluuu!!!
Jkmee 1 year ago

Hmmm look at the poodle and stooge of Akyem mafia. These criminals group think that Ghanaians are fools to vote for this weak guy for them to have their way

Hmmm look at the poodle and stooge of Akyem mafia. These criminals group think that Ghanaians are fools to vote for this weak guy for them to have their way
Boldsteven mother serpent of corruptionn 1 year ago

Bawumia why are you not pegging it now as head of the EMT and the Cedi you arrested at 3.80p is now 16gh. Have you forgotten the fundamentals. Gold for Oil scandal you initiated has kept fuel prices increasing. You are just e ...
read full comment

Bawumia why are you not pegging it now as head of the EMT and the Cedi you arrested at 3.80p is now 16gh. Have you forgotten the fundamentals. Gold for Oil scandal you initiated has kept fuel prices increasing. You are just empty and clueless.
Akwasi Manso 1 year ago

AZZZZAAAAHHHHHHH MATE! KWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWA!!!!!!

AZZZZAAAAHHHHHHH MATE! KWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWAKWA!!!!!!
Uranus-Pluto! 1 year ago

What a lie! If it can be done, he and his Master will do it now for the cedi to be $1=GHC5 an automatic assurance for winning in December! Dummy!

What a lie! If it can be done, he and his Master will do it now for the cedi to be $1=GHC5 an automatic assurance for winning in December! Dummy!
kwadwo 1 year ago

You think we are bunch of fools. Why don`t you implement that policy now. After all you are still in government and you do not have to be president before you can implement your policies. Stop behaving as if you are in opposi ...
read full comment

You think we are bunch of fools. Why don`t you implement that policy now. After all you are still in government and you do not have to be president before you can implement your policies. Stop behaving as if you are in opposition.
HolyGhost 1 year ago

what about now that we are suffering? useless VP running away from his economic failure

what about now that we are suffering? useless VP running away from his economic failure
No9 1 year ago

Plenty fishes in the sea. Over to you ye stupid fools.
Aaaaaah

Plenty fishes in the sea. Over to you ye stupid fools.
Aaaaaah
Kweku Gazett 1 year ago

Master, After 8 years of Retrogressive Thinking as Chairman of the Economic Team. You CANNOT be TRUSTED. Dr ‘ When the Fundamentals are Weak’ …….Life was Better Under NDC Government.High Taxes, Inflation,Unemploymen ...
read full comment

Master, After 8 years of Retrogressive Thinking as Chairman of the Economic Team. You CANNOT be TRUSTED. Dr ‘ When the Fundamentals are Weak’ …….Life was Better Under NDC Government.High Taxes, Inflation,Unemployment, State Grabbing and Corruption are your STOCK IN TRADE.. Enough is Enough.
Sul 1 year ago

IT WON'T HAPPEN BECAUSE YOU WON'T BE ELECTED LIER

IT WON'T HAPPEN BECAUSE YOU WON'T BE ELECTED LIER
Velvet 1 year ago

CLOWN

CLOWN
Kwam 1 year ago

Another big big vague, false promise.!!!! Don't take Ghanaians for fools

Another big big vague, false promise.!!!! Don't take Ghanaians for fools
AB 1 year ago

Bosu. bawuse

Do it now, why wait to become president, now u equally the power to do it..

Bosu. bawuse

Do it now, why wait to become president, now u equally the power to do it..
Bunch of liars! 1 year ago

Cheap talk. Who do you account to after being president like your boss Akufo addo

Cheap talk. Who do you account to after being president like your boss Akufo addo
Guy Amarfio 1 year ago

Hey Dr Bawumia. Are you going to crash Ghana`s economy or what. Remember what happened to Liz Truss and Kwasi Kwarteng in the Uk ?

Hey Dr Bawumia. Are you going to crash Ghana`s economy or what. Remember what happened to Liz Truss and Kwasi Kwarteng in the Uk ?
MyBigMouth 1 year ago

This guy really annoys me when he puts forward things he is not willing to implement now. What do you take us for? And why do you want to hold us to ransom? Corrupt guy....scratch my back, I scratch yours right? I want presid ...
read full comment

This guy really annoys me when he puts forward things he is not willing to implement now. What do you take us for? And why do you want to hold us to ransom? Corrupt guy....scratch my back, I scratch yours right? I want presidency so unless you vote for me, I will not implement all these fancy ideas.
czar 1 year ago

Even after copying Nana Bediaku's (Cheddah) idea, your explanation is still wrong. Nut head.

Even after copying Nana Bediaku's (Cheddah) idea, your explanation is still wrong. Nut head.
Yaw 1 year ago

Kwasiaa Vice president. You are in power now. Do the needful. You are simply displaying your incompetence by saying, when voted for. What about the many economic lectures you had when in opposition?
When the fundamentals are ...
read full comment

Kwasiaa Vice president. You are in power now. Do the needful. You are simply displaying your incompetence by saying, when voted for. What about the many economic lectures you had when in opposition?
When the fundamentals are weak, the exchange rate will expose you. Answer the 170 questions you asked the late Ammisah Arthur. Comedian.
SECURITY FENCING AND CCTV 1 year ago

We help secure your perimeter with modern ELECTRIC FENCE SYSTEMS that supports alarm system and backup battery system. We sell and install ELECTRIC FENCE SYSTEMS & CCTV CAMERAS. Call/WhatsApp: 0501796870 for more info. tyuytu

We help secure your perimeter with modern ELECTRIC FENCE SYSTEMS that supports alarm system and backup battery system. We sell and install ELECTRIC FENCE SYSTEMS & CCTV CAMERAS. Call/WhatsApp: 0501796870 for more info. tyuytu
Pee 1 year ago

And what stops you from doing it now?

And what stops you from doing it now?
Musa 1 year ago

I dont know where this man had his phd. The reason why the cedi is on a nose dive is that we import too much. Better we invest in ventures which we consume and create jobs. This is simple common sense. Find a means to have en ...
read full comment

I dont know where this man had his phd. The reason why the cedi is on a nose dive is that we import too much. Better we invest in ventures which we consume and create jobs. This is simple common sense. Find a means to have end products of our minerals before selling them. Singapore never has oil but they buy crude from mumu like us, refine it and sell back to us at their dictated rates. This u dont need to be a phd holder to know. Number two is stop stealing our money, corruption is just too high in ghana
Kk 1 year ago

This is a wiered concept. Which country does this?

This is a wiered concept. Which country does this?
Sam Fante warrior. 1 year ago

This dollar police officer again ? I feel to break this fool ugly empty coconut head into pieces. He forget to sing his songs, when your fundamental is very weak the exchange rate will expose your foolishness and illiteracy.

This dollar police officer again ? I feel to break this fool ugly empty coconut head into pieces. He forget to sing his songs, when your fundamental is very weak the exchange rate will expose your foolishness and illiteracy.
Wakkuffo waddo 1 year ago

Haha.
Fellow believe this man at your own peril.
Why are there no learned individuals in Ghana to speak to his ugly blotted face and tell him that he is full of shit.

Haha.
Fellow believe this man at your own peril.
Why are there no learned individuals in Ghana to speak to his ugly blotted face and tell him that he is full of shit.
Wakkuffo waddo 1 year ago

Fact:
Mahama did better at managing the dollar.

Fact:
Mahama did better at managing the dollar.
Ex-Pope 1 year ago

Shameless liar. You can't even arrest the cedi let alone peg that cedi's value to gold. Instead of coming up with solutions to revive your NPP comatose economy, you and your running mate are running around palaces of chiefs k ...
read full comment

Shameless liar. You can't even arrest the cedi let alone peg that cedi's value to gold. Instead of coming up with solutions to revive your NPP comatose economy, you and your running mate are running around palaces of chiefs kissing their asses while unloading election deceptions.
Erik 1 year ago

So whatever has happened to the gold for oil deal that was supposed to bring the prices of fuel down. You are nothing but just building castles in the air

So whatever has happened to the gold for oil deal that was supposed to bring the prices of fuel down. You are nothing but just building castles in the air
Ex-Pope 1 year ago

Incompetent Aplanke Bawumia is an airbus liar, building castles in the air and blowing hot air while the cedi continues to elude him.

Incompetent Aplanke Bawumia is an airbus liar, building castles in the air and blowing hot air while the cedi continues to elude him.
Dr. Mensah 1 year ago

Gold prices can be volatile, influenced by global markets, speculation, and changes in supply and demand. If Ghana’s currency is pegged to gold, any significant fluctuations in gold prices could create instability in the ce ...
read full comment

Gold prices can be volatile, influenced by global markets, speculation, and changes in supply and demand. If Ghana’s currency is pegged to gold, any significant fluctuations in gold prices could create instability in the cedi’s value, rather than stabilizing it.

Ghana would need to maintain substantial gold reserves to support a gold peg, which could strain its financial resources. Additionally, the country would need to be prepared to defend the peg in times of economic pressure, which could lead to a depletion of reserves and economic vulnerability.
Opanyinbon 1 year ago

Isn't the same Bawumia who said gold for oil will reduce fuel prices? Haba, how much is fuel now? This man don't know shame. He only how to talk by heart. He just open his mouth and talk anything because he sees Ghanaians as ...
read full comment

Isn't the same Bawumia who said gold for oil will reduce fuel prices? Haba, how much is fuel now? This man don't know shame. He only how to talk by heart. He just open his mouth and talk anything because he sees Ghanaians as fools. By the way, it is just an empty talk.
Salim F. Hannawi 1 year ago

These are some of the possible repercussions. I believe there are alternatives ways that are much better for wealth generation for Ghana. For me, these are cons.

1. Limited gold reserves: Ghana's gold reserves might be ins ...
read full comment

These are some of the possible repercussions. I believe there are alternatives ways that are much better for wealth generation for Ghana. For me, these are cons.

1. Limited gold reserves: Ghana's gold reserves might be insufficient to meet large forex demands. There are much better solutions around gold.

2. Gold price volatility: Gold prices can fluctuate, affecting the Cedi's value.

3. Inflexibility: A gold-backed currency limits monetary policy flexibility. It is a blessing that Ghana has a currency that cannot be used outside Ghana and better monetary policies can yield much better results.

4. High maintenance costs: Maintaining gold reserves incurs storage and security costs and this becomes easier with the right monetary policies from central bank (BoG).

5. Opportunity costs: Investing in gold reserves means forgoing other investment opportunities. It also has a bearing on the printed cedi. There are other means to achieve stockpiling of gold by central bank but the way this being proposed does not add up.

6. Limited economic growth: A gold-backed currency using fiat currency as we have it now might restrict economic growth policies and might affect the whole required performance of the central bank if not done the right way.

7. Dependence on gold: The economy becomes vulnerable to gold market fluctuations and may affect segniorage when not done the right way.

8. Complexity: Implementing and managing a gold-backed currency system can be complex especially if fiat currency is used due to printing cost even though profitable after print.

9. Limited liquidity: Gold reserves might not be easily convertible to forex due to fluctuations. There are better ways.

10. International implications: A gold-backed currency might affect international trade and relations if the stockpiling is not done the right way.

It's essential to carefully weigh the pros and cons of any such oropsals, considering Ghana's economic context and goals, before implementing a gold-backed currency model.

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

News

Dr. Bawumia vows to peg cedi's value to gold if elected president

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (50)

Read Comments Comments (50)