The Chief Executive Officer of the Ghana Gold Board (Goldbod), Sammy Gyamfi has challenged former NPP presidential candidate Dr. Mahamudu Bawumia to clarify which party, the NPP or NDC, have better policies in terms of stabilizing the cedi.
He wrote on X formerly Twitter , “What is more important? 1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS16? or 2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS 12.2?
Alhaji Bawumia must answer this simple question.”
According to him, the recent appreciation of the cedi can not be linked to the US-China tariff war but it is as a result of good policy interventions implemented under the John Dramamni Mahama administration.
“The significant appreciation of the Ghana Cedi we are currently witnessing (16.7% from January 2025 to date) has been occasioned by deliberate policy interventions by the NDC/Mahama government.”
He observed that the “strategic policy decision” by the Bank of Ghana in March this year to increase the monetary policy rate by 100 basis plays a critical role in the cedi’s rise.
“Stringent monetary policy stance, complemented by aggressive liquidity sterilization by the Bank of Ghana. This was partly achieved through the strategic policy decision by the Bank of Ghana in March 2025, to increase the Monetary Policy Rate by 100 basis points from 27% to 28% and the Open Market operations of the Bank.”
Explaining further, he attributed the current appreciation of the local currency to the fiscal discipline and prudent public finance management by the Ministry of Finance.
In addition, Sammy Gyamfi believes another factor for the cedi rise is the robust forex inflows and increased foreign reserves through unprecedented gold exports.
“Robust forex inflows and accelerated foreign reserve accumulation through unprecedented gold purchases and exports by the PMMC/GoldBod. As well as enhanced foreign exchange inflows from cocoa, remittances among others.”
He concluded by stating that favorable global environment and the wearing of the US dollar due to global uncertainties have also played a role in strengthening the cedi.
His comment comes on the backdrop of a recent statement made by Dr Bawumia where he criticized the ruling National Democratic Congress (NDC) for taking credit for the recent rise in the value of the cedi, despite the fact that the NDC has not implemented any sound policy that might be linked to the cedi’s rise.
