Sammy Gyamfi Fires Back at Bawumia With 3 Reasons for Cedi Appreciation

The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has offered three motivations behind the recent appreciation of the Ghana cedi.

As of May 13, the Ghanaian currency had achieved a remarkable 16.7% appreciation against the US dollar and was crowned the best-performing currency in the world by Bloomberg.

The government of the day has since taken credit for the development, however, the opposition, which just left government, is claiming it’s a result of their policies.

At an engagement earlier this week, former Vice President, Dr Mahamudu Bawumia, said there was no policy by the government that could be linked to the progress.

“The appreciation of the cedi that we have seen recently…if you ask  a simple question to the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi, they cannot tell you one.”

“They only passed their budget in March. They’ve not even issued any contract and paid for anything pretty much, so you cannot ascribe what is happening to the currency to a policy that they have implemented.”

In response to this, the Communications Officer of the governing National Democratic Congress (NDC) affirmed that the development is not by chance but the outcome of deliberate policy interventions by the NDC/Mahama government.

“These policy interventions, alongside a favourable global context, marked by the weakening of the US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.”

According to him, the policies include:
1. Stringent monetary policy stance, complemented by aggressive liquidity sterilisation 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.

Source: opemsuo.com/Hajara Fuseini