Remittances now stronger than gold in boosting cedi – Atuahene

Banking consultant Richmond Atuahene shared insights on the Ghanaian Cedi's stability. This comes amid discussions about leadership integrity at the Ghana Gold Board.

In an interview, Atuahene explained that the Cedi's resilience is not coincidental. It results from increased gold production, rising cocoa prices, and steady remittances from abroad.

He noted, “With elevated gold prices and increased production, we have good foreign currency balances.”

Atuahene referenced an International Monetary Fund (IMF) report from April 22. The report highlighted Ghana’s rising unit remittances since October 2024.

He stated that these inflows are crucial for supporting Ghana’s currency and boosting foreign reserves. “Remittances now contribute more than cocoa and gold to the currency’s strength,” he emphasized.

While cocoa and gold are important, remittances have become a key factor in stabilizing the local currency.

This discussion occurs as Sammy Gyamfi, acting CEO of the Ghana Gold Board, faces scrutiny. Critics like lawyer Maurice Ampaw question his financial ethics due to his alleged "dollar lifestyle."

Despite these claims sparking debate, Atuahene reminds Ghanaians that the Cedi's strength relies on macroeconomic fundamentals. It is not solely influenced by personalities or political tensions.