Acting Chief Executive Officer (CEO) of the Ghana Gold Board, Sammy Gyamfi, has attributed the recent 16.7% appreciation of the Ghana Cedi against the US Dollar between January and May 2025, to strategic policy interventions by the John Dramani Mahama-led administration.
He highlighted stringent monetary policy, fiscal discipline, and strong foreign exchange inflows as key factors contributing to the cedi’s strong performance.
In a post cited on Mr. Gyamfi’s official Facebook page, he emphasized the monetary policy stance, which was complemented by aggressive liquidity sterilization by the Bank of Ghana.
According to him, this was partly achieved through a strategic policy decision by the Bank of Ghana in March 2025, to increase the Monetary Policy Rate by 100 basis points from 27% to 28% alongside enhanced Open Market Operations by the Bank.
“Fiscal consolidation by the Ministry of Finance and the restoration of investor confidence in the Ghanaian economy anchored on fiscal discipline and prudent public finance management.
“Robust forex inflows and accelerated foreign reserve accumulation through unprecedented gold purchases and exports by the PMMC/GoldBod. As well as enhanced foreign exchange inflows from cocoa, remittances among others,” the post explained.
These policy interventions, alongside a favorable global context, Mr. Gyamfi believes is marked by the weakening of the US dollar amid global uncertainties which have significantly strengthened the Ghana Cedi.
