Cedi performance: Mahama rules but Bawumia’s ideas reign - Gideon Boako

Dr. Gideon Boako, MP for Tano North, responded to Sammy Gyamfi's claims. Gyamfi is the CEO of Goldbod. He stated that the cedi's recent appreciation is due to Mahama's policies.

In a Facebook post, Dr. Boako acknowledged Mahama’s leadership. However, he emphasized that Dr. Bawumia's economic policies laid the groundwork for the cedi's stability.

Gyamfi claimed that the cedi appreciated by 16.7% since January 2025. He attributed this to strict monetary policy and fiscal consolidation. He also mentioned increased forex inflows from gold exports and remittances.

He noted that the Bank of Ghana raised interest rates by 100 basis points. This was part of a strategy to build reserves.

Dr. Boako dismissed Gyamfi’s claims as inadequate and typical of the NDC party. He pointed out that reserve buffers used now were built under Bawumia’s leadership.

He urged gratitude towards Bawumia and the NPP for these reserves. “Don’t be ungrateful,” he said.

By late 2024, Dr. Boako predicted that the NPP government would exceed IMF import cover requirements. This would allow more flexibility in spending reserves.

He cautioned against depleting reserves without replenishing them. “The current government seems unconcerned about building future reserves,” he warned.

Dr. Boako stressed that stabilizing the cedi requires structural reforms beyond just dollar injections. He encouraged following the forward-thinking approach of previous administrations.

“Think about the future like Bawumia did,” he advised, urging continued reserve building.