I have always said that gold is one way to save Ghana – Financial analyst

A financial analyst, Joe Jackson, has touted the ability of the Goldbod to sustain the current appreciation of the value of the cedi against the US dollar.

According to him, this is because the global demand for gold is increasing as a result of investors resorting to safer investment options.

“Globally, investors have moved their investments into gold because they are looking for somewhere safe. Gold has for the past eight years outperformed the dollar. I have always said that Gold is one way we are going to save the country,” he said on TV3’s KeyPoints show on May 17.

Mr Jackson therefore called for the sustenance of the Gold4Oil programme.

“I applauded the Gold Reserve/ Gold4Oil programme. The Gold4Oil, however corrupt, delivered on its objective. Goldbod will deliver if our Governor keeps his commitment to stay with the Gold4Oil programme. You will see the cedi appreciate,” Mr Jackson added.

The Financial Analyst made these remarks when contributing to discussions on how to sustain the current rise in the value of the cedi.

He attributed the current appreciation of the value of the cedi to the Gold4Oil programme and some external factors.

Mr Jackson cited the global depreciation of the dollar due to some policies by US President, Donald Trump, as the main external factor.

“The external factors have been good to Ghana. And we have put ourselves in a position to take advantage of the external factors. Why do we say the external factors have been good? The Trump tariff fall. That single event triggered by President Trump in the US, has had 3 effects on US. Number one is that the dollar has depreciated against all major currencies. That the dollar is depreciating against our cedi is not news. Because President Trump has said that he wants the price of a barrel of oil to come to as low as $40.

That means that the single biggest import for this country, which is fuel products, where we are importing over 400 million a month, the cost of that has come down, so there is less pressure on the cedi. So, the dollar is in trouble.,” he said on TV3’s KeyPoints on May 17.

Joe Jackson further stated that, “Yesterday, international rating agencies have downgraded US credit. So the factors have aligned for us. So the oil prices have been falling and this week fuel prices will reduce at the pumps.

For his part, Mr Rockson Dafeamekpor, lauded the Finance Minister, Dr Cassiel Ato Forson and the Governor of the Bank of Ghana, Dr Asiama for the innovative policies they have introduced to strengthen the cedi.

“I think that the Finance Minister and the Governor also deserve some credit for the initiatives they have introduced to shore up the value of the cedi, despite the external factors,” he said.

The post I have always said that gold is one way to save Ghana – Financial analyst first appeared on 3News.

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