BRICS: New Country ready to back currency with Gold, ditch US Dollar

Ghana's Vice President, Dr. Mahamudu Bawumia, has proposed backing the nation's currency, the Cedi, with gold in an effort to stabilize its value.

This move mirrors the BRICS strategy of reducing reliance on the US dollar by exploring gold-backed currencies.

However, some economists, like Ghanaian banking consultant Richmond Atuahene, are skeptical.

They argue that unless Ghana addresses its broader economic challenges, adopting a gold standard might limit the country's monetary policy flexibility and worsen instability.

The success of this policy hinges on the government's commitment to ensuring a stable macroeconomic environment.