President of IMANI Africa, Franklin Cudjoe has advised the government to focus on using Ghana's gold reserves to support productive sectors of the economy, rather than relying on them as the main tool for stabilising the Cedi.
Speaking on Channel One TV's 'The Big Issue' on Saturday, May 10, he noted that while strengthening reserves with gold can help in the short term, it should not be the backbone of currency management.
He stressed that building the currency on the back of gold reserves is not a smart move.
He suggested that investments should rather be channelled into agriculture, oil production and manufacturing, where the impact on productivity and employment is broader and more resilient. "This is my way of reading the way the cedi has been performing.
