With just one action, the central bank restored the value of its currency

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Gold has always been the tool to strengthen confidence in money, the central bank and the state. Yet another country proves it by using gold to back its currency.

The Bank of Ghana purchased 26,000 ounces of gold. The country will soon use gold to buy oil. Against this background, the Ghanaian Cedi* recovered its value by 61% after falling by 54% throughout the year.

In just one week, the Ghana Cedi halted its losses and recovered to August 2022 levels.
In 2022, the depreciation of the local currency was significant from 6.16 cedis to the dollar, to over 14.

The digital currency turned out to be a complete failure – the head of the central bank fled to the United States

*Cedi – The national currency of Ghana.

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