The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has attributed the 16.7% appreciation of the Ghana cedi since January 2025 to a series of deliberate and strategic policy interventions implemented by the NDC/Mahama government.
In a public statement released Tuesday, Mr. Gyamfi highlighted a combination of monetary, fiscal, and foreign exchange measures that have contributed to the cedi’s recent gains against major international currencies.
Chief among the interventions was a tightening of monetary policy by the Bank of Ghana, which included a 100-basis-point increase in the Monetary Policy Rate from 27% to 28% in March 2025. This move, complemented by aggressive liquidity sterilization and open market operations, helped manage inflation and stabilize the currency, Gyamfi noted.
He also pointed to fiscal consolidation efforts by the Ministry of Finance and the restoration of investor confidence, which he said have been underpinned by prudent public financial management and fiscal discipline.
Another key factor, according to the Gold Board CEO, has been robust foreign exchange inflows. These were driven by unprecedented gold purchases and exports facilitated by the Precious Minerals Marketing Company (PMMC) and GoldBod, as well as increased remittances and cocoa exports.
Mr. Gyamfi added that these internal interventions have been supported by favorable global conditions, including a weakening US dollar amid global uncertainties.
The appreciation of the cedi, he emphasized, is a sign of economic recovery and effective governance under the current Mahama administration.
