Rising gold prices, not reckless spending, stabilising cedi – Banking expert

Amid discussions about financial responsibility in Ghana, banking consultant Richmond Atuahene shared insights. His comments were prompted by the controversy over Sammy Gyamfi's viral dollar-spending video.

Atuahene spoke on Asaase Radio. He explained that the recent stability of the Ghanaian Cedi is not random. It results from global changes and local economic factors.

He noted that earlier this year, U.S. President Donald Trump made significant decisions. These included imposing new tariffs and breaching World Trade Organisation rules. As a result, many countries began saving in dollars.

Atuahene said this shift led global economies to invest more in gold. “People began to switch to gold,” he stated. Consequently, the dollar depreciated while gold prices rose significantly.

He highlighted the impact on Ghana’s economy. Gold prices increased from US$2,340 to US$3,240 per ounce. Cocoa prices also surged from US$4,800 to nearly US$9,000 per ton.

These developments come as Ghana’s gold revenue management faces scrutiny. This follows a viral video of Sammy Gyamfi giving fresh dollar bills to Evangelist Patricia Oduro Koranteng, known as Agradaa.

Critics like Lawyer Maurice Ampaw have raised concerns about Gyamfi's lifestyle. They question whether it reflects responsible management of Ghana’s gold resources.