Goldbod CEO Sammy Gyamfi has directly attributed the sharp appreciation of the cedi to the result of targeted economic policy interventions spearheaded by President John Dramani Mahama’s administration.
He said this to mark one of the strongest performances of the cedi in recent history, a 19% surge since January 2025. According to him, measures, spanning monetary, fiscal, and external sectors, have collectively reversed the cedi’s prior trajectory and restored investor confidence in Ghana’s economy.
“The significant appreciation of the Ghana Cedi we are currently witnessing has been occasioned by deliberate policy interventions by the NDC/Mahama government”
Sammy Gyamfi, CEO Of GoldBod
He explained that at the heart of this recovery is a decisive shift in monetary policy by the Bank of Ghana. In March 2025, the central bank raised the “Monetary Policy Rate by 100 basis points – from 27% to 28% -” in a bold attempt to tighten monetary conditions and stem inflationary pressures.
This decision was reinforced by open market operations aimed at draining excess liquidity from the banking system, thereby supporting the cedi’s exchange rate.
Sammy Gyamfi mentioned “Stringent monetary policy stance, complemented by aggressive liquidity sterilization by the Bank of Ghana,” to emphasise the role of the central bank’s March measures.
The Mahama government’s fiscal management strategy has also played a pivotal role. The Ministry of Finance, under renewed directives, has implemented “sweeping fiscal consolidation reforms.”
These have included expenditure controls, revenue mobilization enhancements, and the implementation of a credible fiscal anchor aimed at rebuilding confidence in public finance.
He also noted “the restoration of investor confidence in the Ghanaian economy anchored on fiscal discipline and prudent public finance management,” acknowledging the government’s efforts.
While macroeconomic coordination has been critical, Ghana’s external sector has also witnessed unprecedented momentum. GoldBod has ramped up gold purchases and exports, injecting large volumes of foreign exchange into the economy.
These gold-backed inflows have been further complemented by sustained receipts from cocoa exports and diaspora remittances.
The GoldBod CEO referenced the importance of commodity-led external support, stating “robust forex inflows and accelerated foreign reserve accumulation by the GoldBod,” as one of the policies that have beefed up the value of the cedi.
Ghana’s gold strategy, championed by the Mahama administration, has been particularly transformative in strengthening reserves without accruing external debt.
Analysts credit the government’s ability to leverage natural resource endowments to generate liquidity and stabilise the cedi as a notable innovation in public financial strategy. Beyond domestic interventions, global economic trends have also created tailwinds.
“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, CEO Of GoldBod
Sammy maintained that Ghana’s cedi, backed by sound policy frameworks, has capitalised on these developments more robustly than many of its peers, and widely credited President Mahama’s economic team with orchestrating the return to macroeconomic stability.
The rapid implementation of coordinated measures since assuming office has signaled to domestic and international stakeholders that Ghana is again being steered by a steady fiscal and monetary hand, with the cedi’s rebound as the first proof of this policy credibility.
In previous years, Ghana faced severe depreciation, inflation surges, and fiscal slippages that drove economic uncertainty. This year’s recovery marks a turning point that stakeholders believe should be consolidated with long-term structural reforms.
Government sources close to the Finance Ministry insist that Mahama’s administration will not waver in its commitment to discipline, particularly ahead of the mid-year budget review. Measures to deepen gold monetisation, strengthen remittance channels, and expand the tax base are reportedly in advanced planning stages.
Gyamfi believes this approach is sustainable. “Enhanced foreign exchange inflows from cocoa, remittances among others,” he said, will remain part of the government’s medium-term framework.
For now, the strength of the cedi has become not only a symbol of recovery but a strategic asset. Businesses and investors are already adjusting their forecasts, and analysts predict that if current trends hold, Ghana could soon regain its position as a leading frontier market in Africa.
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