Bawumia’s Gold for Reserve Programme is anchoring the Cedi – Kofi Bentil

Kofi Bentil, Senior Vice President of IMANI Africa, praised Dr. Mahamudu Bawumia’s gold-for-reserve initiative. He believes this initiative helped the Ghana cedi appreciate recently.

In a Facebook post on May 8, Mr. Bentil noted that external factors also play a role. He mentioned the impact of U.S. monetary policy on the dollar's value. However, he emphasized that internal policies regarding gold reserves are crucial.

“The cedi is appreciating because the US government is devaluing the dollar,” he wrote. “But there is more.”

Mr. Bentil explained that both current and previous governments built Ghana’s gold reserves. Recent gold sales for foreign exchange have stabilized the local currency.

“This government has added to the gold reserves,” he stated. “Most of what was purchased has been sold for forex, which supports the cedi.”

He acknowledged that past administrations laid a strong foundation and deserve recognition too.

He highlighted that the gold-for-reserve policy began under former Vice President Bawumia. This policy has continued and improved under John Mahama's administration.

“This policy started in the last government and was pushed by DMB,” he affirmed. “Both governments deserve praise.”

Mr. Bentil urged against politicizing the cedi's strengthening efforts. He called for collaboration across political lines to maintain progress.

“I pray this effort will not be politicized,” he said, urging both sides to contribute ideas and efforts.

He reiterated that continuity in governance is essential for development in Ghana. “No government can develop Ghana alone,” he concluded. “Let’s build together.”