Cedi stability can't be attributed to GoldBod – Kabiru Tiah

Dr. Abdul Kabiru Tiah Mahama, a member of Parliament’s Finance Committee, disagrees with the Deputy Finance Minister. He claims the Gold Board is not responsible for the recent stability of the Ghanaian cedi.

Deputy Finance Minister Thomas Nyarko Ampem credited the Gold Board for boosting gold export revenues. He reported an increase from $860 million in early 2024 to over $2.7 billion in 2025. He called this policy a “game changer” for stabilizing the cedi.

His comments responded to former Vice President Dr. Mahamudu Bawumia's challenge during a UK event. Bawumia asked the government to identify any policies behind the cedi’s appreciation, suggesting they lacked solid economic support.

On JoyNews’ The Pulse, Dr. Mahama dismissed Ampem's claims as misleading. He noted that the Gold Board only became operational in late March 2025 and cannot be credited for earlier developments.

He stated, “There was no Gold Board in January or February.” The law establishing it passed after those months. Therefore, he argued that attributing cedi appreciation to the Gold Board is incorrect.

Dr. Mahama explained that before the Gold Board, the Precious Minerals Marketing Company (PMMC) managed most gold exports. This agency has existed long before and was already handling significant trade.

He urged the government to avoid misrepresenting timelines and recognize existing structures like PMMC. “The PMMC predates even the NPP administration,” he said.

He added that under NPP, large-scale mining firms were directed to sell at least 20% of their production to PMMC. Small-scale miners were also instructed to do so.

Dr. Mahama argued that the Gold Board merely took over operations from PMMC. Its contribution has been minimal and should not be seen as evidence of policy impact on currency stability.