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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.

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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.

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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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NHIA set to boost its cybersecurity and IT Infrastructure

The National Health Insurance Authority (NHIA), in partnership with a leading private cybersecurity solutions provider in Ghana, CyberHawk Limited, is advancing the Authority’s digital infrastructure to ensure seamless operations.

This is to safeguard the Authority’s digital technologies and maintain the trust of active members of the National Health Insurance Scheme (NHIS).

In this context, the NHIA Management Information System (MIS) Directorate in the Head Office, on February 11, 2024, launched a three-day brainstorming session on the organization’s cybersecurity enhancement agenda.

The MIS Directorate Ag. Director, Mr. Daniel Blankson explained that the collaborative meeting aimed to scrutinize the NHIA’s Information Technology architecture, identifying potential risks and gapsto enhance its cybersecurity posture. 

“By leveraging CyberHawk Limited’s expertise, the NHIA seeks to fortify its defenses against cyber threats, protecting sensitive information and maintaining the trust of its members.”

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Mr. Blankson applauded the synergy between the two organizations and underscored the Authority’s commitment to embracing cutting-edge technologies and innovative solutions to drive its mission forward.

The Head of Information Security and Standards Unit, in the MIS Directorate, Mr. Ebenezer Hooper, highlighted the Authority’s significant milestone on the digital transformation journey.

According to him, the NHIA is actively engaged in fully adopting and implementing modern digital systems to improve its operations.

He said, “The three-day brainstorming meeting will culminate in the development of a robust IT infrastructure, as well as strategic plans to translate security implementations into tangible IT cost savings for the organization.”

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“There is the need to form a steering committee or IT advisory committee, operated under the Board, so that they can pay more attention in protecting the huge IT investment while ensuring cyber security-related policies are well protected,” he added.

The Project Manager of CyberHawk Limited, Mr. Chetan Narayana Murthy, lauded the collaboration and anticipated that it would empower the NHIA to implement comprehensive cybersecurity measures.

According to him, “This is a huge project that will greatly benefit the NHIA by implementing robust cybersecurity measures, safeguarding their systems, and ultimately protecting the sensitive information of NHIA members and healthcare providers.”

A Senior Manager of IT infrastructure, Mr. David Asare Addo, and his colleague, a Senior Manager of Applications, Mr. Enock Afanyi, with the MIS Directorate, gave an overview of the NHIA’s current technological landscape.

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Present at the meeting were representatives from the Claims, Membership and Regional Operations (MRO), Research, Policy, Monitoring, and Evaluation (RPME), Corporate Affairs, the Audit, Administration, and Human Resource Directorates.

Story By : Vivian Arthur

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Swedru All Blacks back to winning ways, Roshan humble King Faisal

Sekondi Rospak FC made it eight wins in eight successive home games after three second-half goals from John Amoah, Joseph Ntow and Stephen Anthony Kofi. John Amoah opened the scoring in the 55th minute after a barren first half. Joseph Ntow added to the tally in the 56th minute before Stephen Anthony Kofi rounded things up in the 74th minute to give Rospak a 3-0 win over former Premier League side King Faisal.


Elsewhere at Swedru – leaders Swedru All Blacks humbled PAC Academy in an emphatic 2-0 win. Zayat Bubakari scored first for Swedru All Blacks in the 27th minute before Rudolf Junior Nana Kwasi Mensah made it 2-0 in the 34th minute. Swedru All Blacks are top of the table with 36 points – 4 points ahead of second placed Rospak FC.

Meanwhile, Former Premier League side Cape Coast Mysterious Dwarfs recorded their fourth successive home victory after beaten New Edubiase United 2-1 at the Robert Mensah Park. Enoch Odoom struck first for Cape Coast Mysterious Dwarfs in the 19th minute but Steven Asante equalized for New Edubiase United before halftime. After the interval, Godfred Eshun scored from distance in the 65th minute to help Cape Coast Mysterious Dwarfs secure all the points.

Here are the results in Zone Two

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