Gold reserves with Cedi at 16 or Forex liquidity with Cedi at 12 which is more important? – Sammy Gyamfi asks Bawumia

Sammy Gyamfi, the acting CEO of Goldbod, has questioned Dr. Mahamudu Bawumia. This follows the recent rise of the Ghana cedi against major currencies, especially the US dollar.

In a post on X, Gyamfi asked, “What is more important? Accumulating physical gold reserves at GHS16 per dollar? Or accumulating forex liquidity through gold exports at GHS12.2 per dollar?” He urged Bawumia to answer this question.

Gyamfi's comments came after Bawumia claimed that the National Democratic Congress (NDC) cannot credit any policy for the cedi's appreciation. The former NPP presidential candidate dismissed claims that the NDC deserves recognition for these gains.

Bawumia stated that the Mahama-led NDC government has not implemented any impactful policies. He noted during a Young Executive Forum event in London that they only passed their budget in March and have not issued contracts or made payments.

He emphasized that no policy has influenced currency performance yet. Bawumia also mentioned that the NPP anticipated gold's impact on Ghana’s economy. He recalled discussing this during economic difficulties in 2022.

Ghana is Africa's largest gold producer, with reserves of 8.7 tons at that time. In contrast, he pointed out that countries like the US and UK have much larger reserves. He explained that exporting cocoa or timber requires foreign exchange, but gold can be mined directly for cedis.

Meanwhile, Finance Minister Dr. Cassiel Ato Forson stated that Goldbod’s activities will strengthen the cedi further. He assured that the cedi's performance does not compromise Ghana’s safety net.

Forson added that Ghana’s foreign exchange reserves reached a record high in April 2025, exceeding IMF targets ahead of schedule.