Sammy Gyamfi credits cedi gains to gov’t actions

The Acting Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi Esq., has attributed the recent surge in the value of the Ghanaian cedi to deliberate and strategic interventions the President John Dramani Mahama led administration.

In a statement, Mr. Gyamfi asserted that the cedi’s strong performance in recent months is not coincidental but rather the result of targeted policies aimed at stabilizing the economy.

Since January 2025, the cedi has gained appreciated masively against the U.S. dollar, positioning it as the world’s best-performing currency since April 2025, according to Bloomberg.

The local currency is currently trading at around GH₵12.09 to $1, marking a significant recovery in value.

Mr. Gyamfi explained that this gains is the outcome of a firm monetary policy stance adopted by the Bank of Ghana, including a strategic decision in March 2025 to raise the Monetary Policy Rate from 27% to 28%, alongside aggressive liquidity management through Open Market Operations.

He noted that these efforts were complemented by prudent fiscal management by the Ministry of Finance, which helped restore investor confidence through improved discipline in public finance and spending.

Mr. Gyamfi pointed to increased foreign exchange inflows as a key driver of the cedi’s gains.

He cited robust gold exports and unprecedented gold purchases managed by the Precious Minerals Marketing Company (PMMC) and the Ghana Gold Board, as well as higher inflows from cocoa exports and remittances.

He said, “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 which include: Stringent monetary policy stance, complemented by aggressive liquidity sterilization 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.”

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

Meanwhile, the former Vice President, Dr. Mahamudu Bawumia, has recently stated that the currency’s stability is a result of initiatives such as the gold-for-oil program introduced under the current Akufo-Addo administration.

Speaking in London during an interaction with the Young Executive Forum, Dr. Bawumia challenged the NDC’s narrative, arguing that no significant policy action has been taken by the current government to improve the economy.