The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has downplayed claims that Ghana’s recent currency appreciation is due to gold reserve accumulation. In a strongly worded Facebook post, he explained that the cedi's recovery is instead a result of increased dollar inflows and renewed investor confidence.
According to Gyamfi, as of December 2024, Ghana’s gold reserves at the Bank of England stood at approximately 30 tonnes, while the US dollar was trading at GHS16. He noted that by 2025, the reserves had increased marginally to 31 tonnes, yet the dollar is now trading at GHS13.2.
“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,” Sammy Gyamfi wrote. “Simple logic! If 30 tonnes of gold reserves under the NPP could not reduce the dollar rate to below GHS16, then 31 tonnes cannot magically reduce the dollar rate to GHS13.2.”
He emphasized that exchange rate stability is primarily driven by the supply and demand of foreign currency. Gyamfi attributed the improved cedi performance to a surge in dollar inflows, particularly from what he described as “unprecedented gold exports,” which have significantly increased the supply of dollars on the local market.
Additionally, he credited the appreciation to “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.”
Taking a swipe at Vice President Dr. Mahamudu Bawumia, Gyamfi recalled that under his leadership as head of the Economic Management Team, the cedi was once labeled 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!” he quipped.
Gyamfi’s comments come amid ongoing political debate over the causes of recent macroeconomic improvements, with the ruling New Patriotic Party (NPP) and opposition NDC offering contrasting narratives.
By: Mantse Ayitey
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