Dr. Gideon Boako, aide to former Vice President Dr. Mahamudu Bawumia and Member of Parliament for Tano North, has pushed back against assertions that the recent appreciation of the Ghanaian cedi is entirely the result of economic policies implemented by the current Mahama administration.

In a post shared on Facebook, Dr. Boako argued that the foundations for the cedi’s current stability were laid by the previous New Patriotic Party (NPP) government, led by Dr. Bawumia, during its tenure. He acknowledged that while President John Mahama is now at the helm, much of the economic groundwork was already in place.

His comments come in response to recent statements by Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board (Goldbod), who credited the cedi’s 16.7% appreciation between January and May 2025 to a mix of fiscal discipline, tight monetary policy, and increased forex inflows from gold exports and remittances.

Gyamfi also pointed to the Bank of Ghana’s March 2025 policy rate hike and stronger reserve positions as key contributors to the cedi’s strengthening.

“These policy interventions, combined with a favourable global environment, have significantly supported the local currency,” Gyamfi said earlier.

But Dr. Boako dismissed these remarks as overly simplistic and politically motivated.

“Like the typical NDC, our Goldbod CEO, Sammy Gyamfi, is failing to appreciate the broader context,” Dr. Boako wrote. “The reserve buffers now being used to stabilise the cedi were built under Dr. Bawumia’s leadership of the Economic Management Team.”

He further claimed that by the end of 2024, the NPP administration had not only met but exceeded the reserve thresholds set by the International Monetary Fund (IMF), allowing for greater flexibility in supporting the currency.

“You should be thanking Bawumia and the NPP for building such a strong reserve for your benefit. Don’t be ungrateful,” he added.

Dr. Boako warned that without a clear strategy to replenish reserves, the recent gains could be short-lived.

“My concern is that the current administration does not appear committed to sustaining or growing the reserves. Stabilising the cedi is not just about foreign inflows—it requires structural reforms and forward planning.”