Sammy Gyamfi the acting CEO of the Goldbod has fired back at Dr Mahamudu Bawumia the former vice president who 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, “If you are to ask 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 that has been implemented, not sort of talked about but actually implemented. They cannot tell you one such policy. 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.
However, in a sharp rebuttal, Sammy Gyamfi has listed the three major policy measures by the NDC-led Mahama government that are aiding the appreciation of the cedi.
In a post on X, Sammy Gyamfi wrote, “1. 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.
- 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”.
Sammy Gyamfi further noted that the Mahama-led policy alongside a favourable global context, marked by the weakening of the US dollar amid global uncertainties, has significantly driven the strength of the Ghana cedi.
See the post below:
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:
1. Stringent monetary policy stance, complemented by aggressive…
— Sammy Gyamfi (@SammyGyamfi_) May 21, 2025
