CEO of Ghana Gold Board, Sammy Gyamfi, has commended government for the recent strong performance of the cedi.
“The cedi has appreciated by 16.7% since January 2025, he said in a Facebook post attributing this improvement to “deliberate policy interventions” by the Mahama administration.
He mentioned three main reasons for the currency’s strong performance:
1. Tight Monetary Policy: The Bank of Ghana raised the Monetary Policy Rate from 27% to 28% in March 2025. This move, along with efforts to manage the supply of money in the economy, helped stabilize the currency.
2. Fiscal Discipline: The Ministry of Finance has worked to control government spending and build investor confidence through responsible financial management
3. Increased Foreign Exchange Earnings: Gold exports by the Precious Minerals Marketing Company (PMMC) and GoldBod have brought in significant foreign currency. Inflows from cocoa sales and remittances have also helped increase Ghana’s foreign reserves.
The Gold Board CEO noted that the cedi’s appreciation is also due to global factors like a weaker US dollar, alongside the government’s policy efforts.
He emphasized that the outcome demonstrates the positive impact of well-planned economic policies under President Mahama’s leadership.
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