The Managing Director of GOLDBOD, Sammy Gyamfi, has expressed optimism about the cedi stability, stressing that the new government has put in place pragmatic measures to strengthen the currency.
In an article, the vociferous NDC spokesman said the “cedi is stronger today, not primarily because of our gold reserves, which by the way, is not being depleted or injected to shore up the cedi.”
Below is the statement;
By the end of December 2024, our gold reserves at the Bank of England stood at about 30 tonnes. Yet, one US$ dollar was selling at about GHS16.
Our gold reserves has increased by about just 1 tonne in 2025. And yet, the dollar is selling at GHS13.2 today.
This should tell you, that the significant appreciation of the cedi and the drop in the dollar rate, is not as a result of gold reserve accumulation per se.
For if 30 tonnes of gold reserves under the NPP could not reduce the dollar rate to below 16 cedis, then 31 tonnes of gold reserves, cannot magically reduce the dollar rate to 13.2 cedis.
Simple logic!
Exchange rate stability is primarily a function of demand and supply of forex.
The cedi is stronger today, not primarily because of our gold reserves, which by the way, is not being depleted or injected to shore up the cedi. The facts show that our gold reserves is rather increasing.
Fact is, the exchange rate is more stable, with the cedi appreciating today, because of the significant surge in dollar inflows on the back of unprecedented gold exports. This has increased the supply of dollars in the market to meet and even exceed demand.
Also, the cedi is appreciating because of restored confidence in the Ghanaian economy due to the prudent and credible fiscal and monetary measures adopted by the NDC/Mahama government and the Central Bank.
Under Bawumia as head of the EMT, the Ghana cedi attained the uneviable record as the worst performing currency in the world. Today, the Ghana cedi is being hailed as the best performing currency in the whole wide world. And Kofi Bentil says what? Bawumia deserves the credit?
Next Joke!
