The Member of Parliament for Tano North constituency, Dr. Gideon Boako, has responded to claims made by the Chief Executive Officer of Gold Board, Sammy Gyamfi, that the recent appreciation of the cedi is solely due to policies implemented by the current Mahama-led National Democratic Congress (NDC) administration.
Mr. Gyamfi claimed that the 16.7% appreciation of the cedi since January 2025 should be attributed to a combination of stringent monetary policy, fiscal consolidation, and increased forex inflows from gold exports and remittances.
He attributed it to the interest rate increase by the Bank of Ghana, raising it by 100 basis points, and strategic reserve buildup.
“These policy interventions in a favourable global context… have significantly driven the strength of the Ghana cedi,” he said.
However, in a Facebook post, dated Wednesday, May 21, the aide to the former Vice President and the 2024 presidential candidate of the opposition New Patriotic Party (NPP) rejected such claims, describing them as grossly inadequate and ungrateful.
“Like the typical NDC, our Goldbod CEO, Sammy Gyamfi, is failing to appreciate the issues,” he wrote.
He explained that the reserve buffers which are now being used by the Mahama administration to stabilise the cedi were accumulated under the Bawumia-led economic management team.
“You should be thanking Bawumia and the NPP for building such a strong reserve for your benefit. Don’t be ungrateful,” he said.
By the end of 2024, he said, the NPP government would have surpassed the import cover requirement set by the IMF for Ghana hence lifting the restrictions on spending of the reserves. Dr Boako warned the current government not to run down the reserves without replenishing them.
He said, “My worry is that the current government does not seem concerned to keep building on the current reserves for future use.”
He said this is important to note, “stabilising the cedi requires structural economic reforms beyond mere dollar injections” and admonished the current regime to follow the same forward-thinking approach of the erstwhile government.
“Think about the future like the NPP/Bawumia did and keep building our reserves.”
