Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly refuted claims made by former Vice President Dr. Mahamudu Bawumia regarding the recent appreciation of the Ghanaian cedi.

Dr. Bawumia had suggested that the currency’s gains were not the result of any deliberate policy from the current National Democratic Congress (NDC) government.

Addressing the issue following Bawumia’s comments at a public event, Gyamfi outlined a series of targeted policy interventions that he argued have directly contributed to the cedi’s notable 16.7% appreciation between January and May 2025.

Key Policy Interventions

1. Monetary Policy Adjustments
Gyamfi credited the Bank of Ghana’s decision in March 2025 to raise the Monetary Policy Rate from 27% to 28% as a significant factor in stabilising the currency. This move, he said, was part of a broader strategy that included aggressive liquidity management through Open Market Operations aimed at curbing inflation.

2. Fiscal Discipline
He highlighted the government’s fiscal consolidation efforts, citing improved public financial management and expenditure control as key elements that have helped restore investor confidence. This renewed confidence, he argued, has played a major role in strengthening the macroeconomic environment and supporting the cedi.

3. Strong Forex Inflows
Gyamfi also pointed to a surge in foreign exchange earnings from gold and cocoa exports. He noted that Ghana has achieved record levels of gold exports through GoldBod and the Precious Minerals Marketing Company (PMMC). Additionally, inflows from cocoa and remittances have helped shore up the country’s forex reserves, further supporting the currency.

“These measures, combined with a weakening US dollar globally due to economic uncertainties, have worked together to drive the cedi’s impressive performance,” Gyamfi explained.

In a direct response to Dr. Bawumia, Gyamfi posed a rhetorical question:

“What is more important — accumulating physical gold reserves when the cedi is at GHS16 to the dollar, or boosting foreign exchange through gold exports when the rate stands at GHS12.2?”

He emphasised that the cedi’s appreciation is not a coincidence but the outcome of intentional, coordinated policy actions by the NDC government under President John Mahama’s leadership.