Cedi performance: Credit Bawumia for his gold reserve initiative – Kofi Bentil

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 credited former Vice President Dr. Mahamudu Bawumia for a key policy.

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

Mr. Bentil stated, “The cedi is appreciating because the US government is devaluing the dollar… but there is more.” He mentioned that Ghana has accumulated gold reserves since the last administration. The current government has added to these reserves but sold much for foreign exchange.

He explained that selling gold has helped strengthen the cedi. According to data from the Bank of Ghana and PMMC, 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 $506 million, $579 million, $742 million, and $897 million respectively. Mr. Bentil remarked that while not much was added to reserves, selling gold pumped dollars into the economy.

He praised the Mahama administration for managing currency effectively. Mr. Bentil highlighted the need for continuity between governments in Ghana's development efforts. He said passion from an originator cannot be easily replicated.

“No government will develop Ghana alone,” he stated. “It is a baton relay helping strengthen the cedi today.” He hopes that good work started by DMB and continued by JM will persist.