Sammy Gyamfi credits Mahama administration for restoring currency stability
In a Facebook post, Gyamfi highlighted that the cedi has gained 16.7% against major foreign currencies due to targeted interventions by the National Democratic Congress (NDC) government
Sammy Gyamfi, Chief Executive Officer of the Ghana Gold Board, has attributed the significant appreciation of the Ghanaian cedi since the start of 2025 to deliberate economic policies implemented by the administration of President John Dramani Mahama.
In a Facebook post, Gyamfi highlighted that the cedi has gained 16.7% against major foreign currencies due to targeted interventions by the National Democratic Congress (NDC) government.
He pointed to the Bank of Ghana’s stringent monetary policy as a major factor. In March 2025, the central bank raised its benchmark interest rate by 100 basis points, from 27% to 28%, aiming to curb inflation and stabilise the currency.
This was complemented by broader liquidity management strategies, including open market operations designed to mop up excess cash in the economy.
Mr Gyamfi also praised the Ministry of Finance’s efforts towards fiscal consolidation, noting that renewed fiscal discipline and prudent public financial management have helped to restore investor confidence in the Ghanaian economy.
Additionally, he emphasized the role of strong foreign exchange inflows in boosting the cedi.
“Unprecedented” gold exports and purchases coordinated by the Precious Minerals Marketing Company (PMMC) and GoldBod have significantly contributed to Ghana’s growing foreign reserves. Other important sources of forex inflows include cocoa earnings and remittances from abroad.
“These measures, alongside a favourable global environment marked by the weakening of the US dollar amid international uncertainties, have significantly strengthened the Ghana cedi,” Mr Gyamfi stated.
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