Sammy Gyamfi Highlights Three Key NDC Policies Behind Cedi Appreciation
Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has strongly refuted recent remarks by former Vice President Dr. Mahamudu Bawumia, who claimed that the recent appreciation of the Ghanaian cedi was not the result of any deliberate policy initiatives by the National Democratic Congress (NDC) government.
Speaking at a recent event, Dr. Bawumia dismissed the idea that the current administration deserved credit for the cedi’s 16.7% gain between January and May 2025, stating that no clear policy actions had been implemented to drive such a performance.
In response, Sammy Gyamfi outlined three major interventions by the NDC government that he insists are directly responsible for the currency’s recent strength:
- Monetary Policy Tightening
Gyamfi pointed to the Bank of Ghana’s decision in March 2025 to raise the Monetary Policy Rate from 27% to 28%. This move, coupled with aggressive liquidity sterilisation via Open Market Operations, was aimed at controlling inflation and stabilising the cedi. He described this as a calculated and strategic effort to anchor macroeconomic stability.
- Fiscal Consolidation
He also credited the Ministry of Finance for implementing prudent fiscal management and enforcing greater discipline in public spending. According to Gyamfi, these actions have restored investor confidence, a critical factor in stabilising the economy and strengthening the local currency.
- Increased Foreign Exchange Inflows from Gold and Cocoa
Gyamfi emphasised a surge in foreign exchange liquidity due to robust gold exports facilitated by the Precious Minerals Marketing Company (PMMC) and GoldBod. Additionally, he cited increased earnings from cocoa exports and remittances as vital contributors to the cedi’s performance.
Addressing Dr. Bawumia directly, Gyamfi posed a pointed question:
“What is more beneficial—accumulating physical gold reserves with an exchange rate of GHS16 to the dollar, or achieving greater forex liquidity through gold exports at a rate of GHS12.2?”
He concluded by asserting that the cedi’s appreciation is no coincidence but rather the result of coordinated policy actions and strong leadership under President John Mahama.
