Sammy Gyamfi the CEO of the Goldbod has stated the Ghana cedi appreciation is not a product of gold reserve accumulation.
He emphasized that the appreciation of the Ghana cedi continues unabated due to the high forex liquidity mainly on account of unprecedented gold exports by the Goldbod.
In a social media post on X, Sammy Gyamfi wrote, “The appreciation of the Ghana cedi continues unabated.
This is not a product of gold reserve accumulation but rather, high forex liquidity mainly on account of unprecedented gold exports by the @GhanaGOLDBOD, coupled with stringent monetary policy stance by @thebankofghana and fiscal consolidation by the Ato Forson-led Ministry of Finance.
Indeed, #AbanPapaAba.
Thank you Mr. President @JDMahama for delivering the Ghana Cedi we all want”.
Meanwhile, Professor Godfred Bokpin, an Economist and Finance Professor at the University of Ghana has stated the New Patriotic Party (NPP) should be given some credit for Ghana’s cedi stability.
According to him, the Mahama-led NDC government continuing some of the NPP’s policies contributed to the cedi’s resilience.
He asserted that multiple elements are responsible for the Cedi’s performance but the previous NPP government’s post-election economic management made a significant impact.
Speaking in an interview on Citi FM, Professor Godfred Bokpin detailed, “To some extent, the NPP should be given some credit. If you look at the data after December 2024, after the election under the IMF programme, we missed practically all the indicators, except for two”.
One was GDP growth, which was higher than the programme’s target. We ended the year with 5.7%, and the other was our international reserves.
Professor Godfred Bokpin noted that the erstwhile Akufo-Addo government’s efforts, through the Gold-for-Reserves, helped shore up foreign reserves which created a foundation for the Mahama administration to build upon.
“Such policy continuity, especially in the management of foreign reserves, has contributed to the relative stability observed in the foreign exchange market,” Prof Bokpin noted.
See the post below:
The appreciation of the Ghana cedi continues unabated.
This is not a product of gold reserve accumulation but rather, high forex liquidity mainly on account of unprecedented gold exports by the @GhanaGOLDBOD, coupled with stringent monetary policy stance by @thebankofghana and… pic.twitter.com/y38rTIdRcX
— Sammy Gyamfi (@SammyGyamfi_) May 22, 2025
