Cedi gains occasioned by deliberate government policy interventions — Sammy Gyamfi

The Acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has attributed the recent appreciation of the Ghana cedi to strategic domestic policy interventions introduced by the John Mahama-led government.

His remarks follow comments by former Vice President Dr. Mahamudu Bawumia, who downplayed claims that the cedi’s stability is due to efforts by the National Democratic Congress (NDC).

Dr. Bawumia, the 2024 New Patriotic Party (NPP) flagbearer, argued that the currency’s performance is largely due to policies of the former NPP government and the weakening of the US dollar amid global trade tensions.

Speaking in London on Monday, May 19, Dr. Bawumia said the NDC has not introduced any credible policy to account for the cedi’s gains.

But in a social media post on Wednesday, May 21, Mr. Gyamfi countered that the 16.7% appreciation of the cedi from January 2025 to date is driven by three key policy measures implemented by the 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 stated.

He listed the interventions as follows:
“1. A stringent monetary policy stance, complemented by aggressive liquidity sterilization by the Bank of Ghana. This includes the strategic decision by the Bank of Ghana in March 2025 to raise the Monetary Policy Rate by 100 basis points—from 27% to 28%—and intensified open market operations.

2. Fiscal consolidation by the Ministry of Finance, which has restored investor confidence through fiscal discipline and prudent public financial management.

3. Robust forex inflows and foreign reserve accumulation through record gold purchases and exports by PMMC/GoldBod, along with improved earnings from cocoa, remittances, and other sources,” he outlined

The GoldBod CEO maintained that while global factors such as the weakening dollar play a role, the main driver of the cedi’s appreciation is sound domestic policy direction.