Sammy Gyamfi fires back at Bawumia with NDC’s 3 policy behind Cedi appreciation

Sammy Gyamfi, the acting CEO of Goldbod, responded to Dr. Mahamudu Bawumia. Bawumia is a former vice president and NPP presidential candidate for 2024. He claimed the NDC cannot identify any policy that helped the cedi appreciate.

Bawumia stated that the Mahama-led NDC government has not implemented any effective policies. He emphasized that they have not passed a budget or issued contracts yet.

During an event in London with the Young Executive Forum, Bawumia said, “If you ask the NDC what policy led to the cedi's appreciation, they cannot name one.” He criticized them for not having implemented anything impactful.

In response, Sammy Gyamfi highlighted three major policies from the NDC government. He posted on X about these measures aiding the cedi's appreciation.

Gyamfi mentioned stringent monetary policies by the Bank of Ghana. This included raising the Monetary Policy Rate from 27% to 28%. Fiscal consolidation and restoring investor confidence were also key factors.

He noted robust forex inflows from gold purchases and exports by PMMC/GoldBod. Additionally, there were increased foreign exchange inflows from cocoa and remittances.

Gyamfi pointed out that these policies, along with a favorable global context, strengthened the cedi. The US dollar weakened amid global uncertainties, contributing to this trend.

He concluded that the significant appreciation of the Ghana Cedi (16.7% since January 2025) resulted from deliberate interventions by the NDC/Mahama government.