Sammy Gyamfi lists 3 key NDC interventions behind Cedi appreciation

Sammy Gyamfi, CEO of the Ghana Gold Board (GoldBod), has responded to Dr. Mahamudu Bawumia's claims. The former Vice President said the cedi's appreciation is not due to NDC government policies.

Dr. Bawumia spoke at an event and dismissed credit for the cedi’s gains. He argued that the NDC administration had no clear policy interventions affecting the currency.

In response, Gyamfi outlined three key policy measures by the NDC government. He believes these measures contributed to a 16.7% appreciation of the cedi from January to May 2025.

First, he mentioned monetary policy tightening. In March 2025, the Bank of Ghana raised the Monetary Policy Rate from 27% to 28%. This was part of a strategy to control inflation and stabilize the currency.

Second, Gyamfi highlighted fiscal consolidation efforts. He noted improved fiscal discipline by the Ministry of Finance. This has helped restore investor confidence in Ghana’s economy.

Third, he pointed out robust foreign exchange inflows from gold and cocoa exports. Gyamfi stated that increased gold purchases through PMMC and GoldBod have improved foreign exchange liquidity.

He also mentioned enhanced forex inflows from cocoa exports and remittances as important factors in strengthening the cedi.

“These policy interventions,” Gyamfi said, “along with a favorable global context, have strengthened the Ghana cedi.”

He challenged Dr. Bawumia with a fundamental question: “What is more important? Accumulating physical gold reserves at GHS16 or adequate forex liquidity through gold exports at GHS12.2?”

Gyamfi concluded that the cedi’s appreciation results from coordinated efforts by the NDC administration under President John Mahama.