Dr John Kwakye The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has indicated that fiscal discipline on the part of the government is one major way of ensuring stability of the exchange rate. For him, no policy can stabilise the exchange without financial discipline accompanying it. "If you practice fiscal and monetary discipline, you can maintain a stable exchange rate under a flexible regime with minimal reserves. Even a gold-pegged regime can't be viable without fiscal and monetary discipline," he wrote on X. He was commenting on a move by Vice President Dr Mahamudu Bawumia has said the Cedi can be best supported with gold. Dr Bawumia proposed a framework that will ensure that all significant demands for gold are channeled through the Bank of Ghana's gold purchase programme.