Bawumia’s Gold for Reserve Programme is anchoring the Cedi – Kofi Bentil

Kofi Bentil, Senior Vice President of IMANI Africa, praised Dr. Mahamudu Bawumia’s gold-for-reserve initiative. He believes this initiative has helped the Ghana cedi appreciate recently.

In a Facebook post on May 8, Mr. Bentil noted that external factors also play a role. He mentioned the impact of U.S. monetary policy on the dollar's value. However, he emphasized that internal policies regarding gold reserves are crucial.

“The cedi is appreciating because the US government is devaluing the dollar,” he wrote. “But there is more.”

Mr. Bentil explained that both current and previous governments built Ghana’s gold reserves. Recent sales of gold for foreign exchange have stabilized the local currency.

He stated, “This government has added to the gold reserves.” However, most of what was purchased has been sold for forex. This influx of forex supports the cedi's strength.

He acknowledged that past administrations laid a strong foundation and deserve recognition too. The gold-for-reserve policy began under former Vice President Bawumia and continues under John Mahama’s administration.

“This policy started in the last government and was pushed by DMB,” he said. “Fortunately, it has been continued by this government under JM.” Both governments should be praised for their efforts.

Mr. Bentil cautioned against politicizing the cedi's strengthening. He urged collaboration across political lines to maintain these gains.

“I pray this effort will not be politicized,” he said. He called for all sides to work together to sustain progress.

He concluded by stressing continuity in governance: “No government will develop Ghana alone.” It requires cooperation from all governments to move forward together.