THE NATIONAL Communications Officer of the NDC, Sammy Gyamfi Esq., has pushed back against claims that the recent appreciation of the Ghanaian cedi is due to the country’s growing gold reserves, calling such assertions misleading and illogical.
In a statement setting the record straight, Lawyer Gyamfi, CEO, GHANA GOLDBOD pointed out that by December 2024, Ghana’s gold reserves stood at approximately 30 tonnes, yet the cedi was trading at around GHS16 to the dollar.
He noted that as of 2025, the reserves have increased marginally by just one tonne, but the dollar rate has dropped significantly to GHS13.2.
“This clearly shows that gold reserve accumulation is not the main factor behind the cedi’s appreciation,” he argued. “If 30 tonnes couldn’t keep the dollar below GHS16, then 31 tonnes certainly cannot bring it down to GHS13.2. Simple logic,” he stressed.
The GOLDBOD CEO explained that the exchange rate stability is driven primarily by forex demand and supply, not reserve volumes.
He credited the recent cedi strength to record-breaking gold exports, which have flooded the market with dollars and helped ease pressure on the local currency.
He also attributed the improved economic outlook to prudent fiscal and monetary policies introduced by the NDC/Mahama administration and the Bank of Ghana, restoring investor confidence and stability.
Taking a swipe at Vice President Dr. Mahamudu Bawumia, Laeyer Gyamfi recalled that under his (Dr. Bawumia’s ) watch as head of the Economic Management Team, the cedi once held the title of the worst-performing currency globally. “Today, it’s being hailed as the best-performing currency, and some want to credit Bawumia for that? The irony is glaring.”
His comments come amid at growing public debate over the true factors behind the cedi’s recent gains and who deserves credit for the turnaround.
Source: Nationaltymes.com
