Sammy Gyamfi the acting CEO of the Goldbod has quizzed the former vice president and Presidential candidate Dr Mahamudu Bawumia following the recent appreciation of the Ghana cedis to the major currency, particularly the US dollar.
The Goldbod CEO quizzed Dr Bawumia in a social media post on X, saying, “ What is more important?
- Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS16? or 2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS12.2?
Alhaji Bawumia must answer this simple question”, he quizzed.
His comments come after Dr Bawumia claimed, that the National Democratic Congress (NDC) cannot point out one policy behind the appreciation of the cedi.
The former NPP presidential candidate for the 2024 election rejected ideas that the NDC deserves any credit for the recent gains of the cedi.
According to Dr Bawumia, the Mahama-led NDC government has not implemented a policy that could have contributed to the currency’s performance.
Speaking during an interaction with the Young Executive Forum (YEF) in London, Dr Bawumia detailed, “They only passed their budget in March. They’ve not even issued any contracts and paid for anything, pretty much.
So you cannot ascribe what is happening to the currency to a policy that they have implemented. There’s no such policy that has been implemented that has had that impact yet,” he said.
Dr Bawumia further revealed that the NPP anticipated the impact of gold on the Ghanaian economy, he added, “For me, we had anticipated the impact of gold on this economy. I talked about it when we got into dire straits in 2022, and I said that when you look at Ghana being the largest gold producer in Africa, our reserves of gold at that time was 8.7 tons.
You look at the US, they have 8000 tons, and the UK has over 2000 tons. Same with France, and so it gives confidence in your currency. You don’t need to export to get gold, you need to export cocoa to get foreign exchange, timber, oil, you need to turn it abroad. But as for gold, you just need to dig it or pay for it with cedis. So it was a much easier way to do it.”
Meanwhile, Dr Cassiel Ato Forson the finance minister has boldly revealed that the activities of the Goldbod will further strengthen the Cedi’s performance.
He revealed that the performance of the Ghana cedi has not come at the cost of Ghana’s safety net.
According to Ato Forson, Ghana’s foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule.
See the post below:
What is more important?
1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS16?
or
2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS12.2?
Alhaji Bawumia must answer this…
— Sammy Gyamfi (@SammyGyamfi_) May 21, 2025
