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.

On Facebook, Dr. Boako acknowledged Mahama's leadership but credited Dr. Bawumia for the cedi’s stability. He argued that Bawumia’s economic foresight laid the foundation for this success.

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

He noted that the Bank of Ghana raised interest rates by 100 basis points. This strategic reserve buildup contributed to strengthening the cedi.

Dr. Boako rejected Gyamfi’s claims as inadequate and ungrateful. He criticized Gyamfi for not recognizing past efforts by Bawumia and the NPP government.

Boako explained that reserve buffers used now were built under Bawumia’s leadership. He urged gratitude towards Bawumia for creating strong reserves for current use.

By late 2024, he predicted that the NPP government would exceed IMF import cover requirements. This would allow more flexibility in spending reserves without restrictions.

Dr. Boako cautioned against depleting reserves without replenishing them. He expressed concern about the current government's lack of focus on building reserves.

He emphasized that stabilizing the cedi requires structural economic reforms, not just dollar injections. He advised the current regime to adopt a forward-thinking approach like Bawumia did.

“Think about the future like we did,” he concluded, urging continued reserve building.