Cedi gains: Bawumia laid the foundation  – Kofi Bentil

Kofi Bentil on Ghanaian Cedi Appreciation

Kofi Bentil is the Senior Vice President of IMANI Africa. He recently discussed the appreciation of the Ghanaian cedi. He attributed this to strategic government actions, both past and present. He specifically mentioned former Vice President Dr. Mahamudu Bawumia's key policy.

In a Facebook post on May 8, Mr. Bentil noted that global factors play a role. However, he emphasized that domestic strategies are more influential. One such strategy is the gold purchase program initiated by Dr. Bawumia.

Mr. Bentil explained that the cedi is strengthening partly due to US government actions. These actions are devaluing the dollar, but there’s more to it. Ghana has accumulated gold reserves since the last administration.

He pointed out that while the current government has added to these reserves, much has been sold for foreign exchange (forex). This selling has helped support the cedi's value.

The Mahama-led government inherited 30.53 tonnes of gold reserves. By April 2025, this amount increased slightly to 31.37 tonnes. However, in 2025 alone, gold sales exceeded $2.7 billion.

Revenues from January to April were significant: $506 million in January, $579 million in February, $742 million in March, and $897 million in April. Mr. Bentil stated that while not much was added to reserves, gold sales pumped dollars into the economy.

He concluded that these cumulative actions have strengthened the cedi's value. While praising the Mahama administration for managing currency effectively, he stressed continuity between governments.

“There’s something about an originator’s passion,” he said. “We gain everything by co-opting them.” He believes no single government can develop Ghana alone; it requires collaboration.

“It is a baton relay,” he added regarding efforts helping today’s cedi strength. He hopes for continued good work started by DMB and continued by JM.