The Acting Managing Director of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has attributed the stability of the cedi to deliberate policy interventions by the National Democratic Congress (NDC) government.
According to Gyamfi, these policies were strategically adopted to achieve this feat, and he believes the administration deserves credit for them.
In a Facebook post on Wednesday, May 21, 2025, Gyamfi highlighted the Bank of Ghana’s decision to increase the monetary policy rate as one of the key policy decisions.
“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,” Sammy stated in portions of his post.
Mr Gyamfi also attributed the gains partly to the Ministry of Finance’s fiscal consolidation efforts, which have boosted investor confidence in the country.
Additionally, he noted that the Ghana Gold Board’s (GoldBod) takeover of gold purchases in the country has contributed significantly to the cedi’s appreciation.
His comments respond to Dr Bawumia’s claim that the recent appreciation of the Ghana cedi is due to the previous government’s policies, specifically the Gold-for-Oil initiative and the Bank of Ghana’s gold purchase programme.
Dr Bawumia had noted that the Gold-for-Oil policy he introduced, including the Bank of Ghana’s gold purchase programme, is what has given the country significant reserves, culminating in the recent rise of the cedi against the dollar and other major foreign currencies.
But Sammy Gyamfi believes the NDC government deserves all the praise if the cedi is anything to write home about today.
Find below the full statement from Sammy Gyamfi:
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 which include:
1. 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.
2. Fiscal consolidation by the Ministry of Finance and the restoration of investor confidence in the Ghanaian economy anchored on fiscal discipline and prudent public finance management.
3. 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.
These policy interventions alongside a favorable global context, marked by the weakening of the US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.
SAMMY GYAMFI ESQ.
