Gold Board is the game changer - Thomas Ampem explains cedi stability

The Deputy Finance Minister, Thomas Nyarko Ampem, praised the cedi's recent stability. He attributed this to the new Gold Board's operations. He called the initiative a "game changer" for Ghana’s economic recovery.

Mr. Nyarko Ampem responded to former Vice President Dr. Mahamudu Bawumia's comments. Dr. Bawumia questioned the policies behind the cedi’s performance during his UK Thank You Tour. He challenged the Mahama administration to identify a policy that caused the cedi’s appreciation.

In an interview on Joy FM's Middaynews, Mr. Nyarko Ampem rejected Bawumia’s claims. He said Bawumia is out of touch with effective government interventions.

Mr. Nyarko Ampem explained that the Gold Board has restructured gold exports in Ghana. The process is now centralized and formalized. From January to April 2024, Ghana exported about $860 million in gold.

In 2025, after fully implementing the Gold Board, exports increased significantly. "We have exported over $2.7 billion worth of gold," he noted.

He also mentioned reviving an International Monetary Fund program as crucial for confidence in the economy. This program was mishandled by the previous administration, according to him.

The current administration successfully renegotiated this program, restoring investor trust and reducing fiscal pressure.

“Since we took over, we’ve reduced borrowing significantly,” he added. Treasury bill rates have steadily declined since February this year. These are signs of a recovering economy, not empty promises, he stated.