Lawyer Sammy Gyamfi, Acting CEO of the Ghana Gold Board, has attributed the Ghanaian cedi’s 16.7% appreciation between January and May 2025 to strategic policy interventions by the Mahama-led government.
He cited a mix of tight monetary policy, fiscal discipline, and strong foreign exchange inflows as key drivers of the cedi’s strength.
Lawyer Gyamfi praised the government’s “deliberate and disciplined” economic strategy, highlighting the Bank of Ghana’s decision to raise the Monetary Policy Rate and aggressive liquidity sterilization.He also noted the surge in gold exports and increased inflows from cocoa and remittances.
“These measures, combined with a weakening US dollar due to global uncertainties, have collectively strengthened the cedi,” he said.
*Read below Sammy Gyamfi’s write up*
Stringent monetary policy stance, complemented by aggressive liquidity sterilization by the Bank of Ghana. This was partly achieved through the 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% and the Open Market operations of 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.
These policy interventions alongside a favorable global context, marked by the weakening of the US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.
SAMMY GYAMFI ESQ.
