Acting Managing Director of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has responded to former Vice President Dr. Mahamudu Bawumia’s claim that the cedi’s gains should be credited to the Akufo-Addo government.
Gyamfi attributes the cedi’s stability to the NDC government’s unprecedented gold exports led by the GoldBod.
He contrasts this with the previous NPP government’s gold purchases, which he says were merely physical reserves that didn’t positively impact the exchange rate.
His comments come on the back of 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.
In an X post on Wednesday, May 21, 2025, Sammy Gyamfi questioned what is more impactful: accumulating physical gold reserves with a high exchange rate or generating forex liquidity through unprecedented gold exports that lowers the exchange rate.
Meanwhile, Sammy Gyamfi has also outlined the three main policy initiatives taken by the NDC administration that led to the cedi’s appreciation, in response to the opposition’s claim for credit.
Sammy Gyamfi: Recent cedi appreciation is a result of deliberate policy interventions by NDC gov’t
