Renowned financial analyst Joe Jackson has thrown his weight behind Ghana’s gold-backed strategy, hailing the government’s continued use of gold as a vital tool in stabilizing the cedi against the US dollar.
Speaking on TV3’s KeyPoints show on May 17, Jackson emphasized that global economic trends and Ghana’s strategic moves have aligned favourably to boost the country’s economic resilience.
“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,” Jackson said.
He acknowledged the controversial but impactful Gold4Oil initiative, noting that despite its flaws, the programme met its key objective.
“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,” he asserted.
Jackson further pointed to favourable international developments that have provided Ghana with a unique window of opportunity.
“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.”
Jackson concluded his analysis with rare praise for Ghana’s top financial leaders, stating, “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.”
