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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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Many SOEs have been used as mere instruments for personal wealth accumulation –Pres.Mahama

President John Dramani Mahama has expressed concern over the misuse of State-Owned Enterprises (SOEs) for personal financial gain by individuals in leadership positions.

Speaking during a meeting with Chief Executives of specified entities under the State Interest and Governance Authority (SIGA) on Thursday, March 13, the President directly attributed the dire state of SOEs to their leadership, accusing chief executives, management teams, and governing boards of prioritising personal enrichment over organisational efficiency.

He pointed to bloated budgets, unjustified allowances, and unnecessary expenditures as factors draining public funds while SOEs continue to rely on government bailouts.

“Many SOEs have been used as mere instruments for personal wealth accumulation by appointees. The chief executives, management, and boards of these enterprises are responsible for this situation. Some SOEs have become perennial loss-makers, draining public funds with bloated budgets, unjustified allowances, and unnecessary expenditures while relying on government bailouts as if entitled to them. Many of these entities are at their lowest point in the entire history of the Fourth Republic,” he said.

President Mahama further noted that many SOEs have been plagued by inefficiencies, corruption, and mismanagement, leading to consistent financial losses. He cited the 2023 State Ownership Report by the State Interests and Governance Authority (SIGA), which highlighted systemic inefficiencies and wasteful expenditures within these entities.

He therefore reaffirmed his commitment to reforming under-performing SOEs and ensuring they serve national interests.

He warned that loss-making SOEs will no longer be tolerated and will either be merged, privatised, or closed.

“I will assess you based on your performance. If you do not align with the pace of the reset agenda, you may be asked to step aside. If that adds to the horror movie, so be it,” he added.

Source: Myjoyonline.com

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Prophet Courage Heavens set to launch ‘Predestination’ book on March 23

Prophet Courage A. Heavens is set to launch the much-awaited book titled ‘Predestination’ on Sunday, March 23, 2025 at 5:00PM.

The launch, which is expected to impact lives, will take place at Crossgates Ministries, Flattop, off N1 Highway, opposite Angel Hauz.

The book is aimed at addressing the way people struggle to understand how free will and destiny align.

It is also aimed at providing clarity on God’s sovereignty and one’s place in His divine plan.

The various chapters of the book address various issues through scriptures and personal stories.

Committed to impacting society, part of the proceeds from the book will go into Courage Heavens Education Legacy (CHEL), an educational foundation transforming lives.

CHEL is dedicated to providing financial support and mentorship to brilliant but needy students, ensuring they have access to quality education and opportunities for a better future.

Prophet Courage Heavens is a prolific writer and previously authored Eli Eli Lama Sabachthani, a powerful book that encourages unwavering faith in times of trials.

In addition, he has written seven more prophetic and life-changing books that are yet to be published.

He is dedicated to raising the next generation for impactful ministry. As the leader of Crossgates Ministries, he nurtures believers in faith and purpose.