Member of Parliament for Tano North and aide to former Vice President Dr. Mahamudu Bawumia, Dr. Gideon Boako, has dismissed claims by Sammy Gyamfi, CEO of Goldbod, that the recent appreciation of the cedi is solely due to policies implemented by the current Mahama-led administration.
In a Facebook post, Dr. Boako acknowledged that President Mahama may currently be in office, but argued that the stability of the Ghana cedi is rooted in the economic foresight and policy groundwork laid by Dr. Bawumia and the New Patriotic Party (NPP) government.
Mr. Gyamfi had earlier attributed the 16.7% appreciation of the cedi since January 2025 to a blend of stringent monetary policy, fiscal consolidation, and increased foreign exchange inflows from gold exports and remittances.
He also highlighted the Bank of Ghana’s recent decision to raise interest rates by 100 basis points and the strategic buildup of reserves as key contributing factors.
“These policy interventions, in a favourable global context, have significantly driven the strength of the Ghana cedi,” Mr. Gyamfi stated.
However, Dr. Boako dismissed these assertions as “grossly inadequate and ungrateful,” stating, “Like the typical NDC, our Goldbod CEO, Sammy Gyamfi, is failing to appreciate the issues.”
According to Dr. Boako, the reserve buffers now being relied upon 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 added.
He further explained that by the end of 2024, the NPP government had exceeded the import cover requirement set by the International Monetary Fund (IMF), thereby lifting restrictions on the use of reserves.
Dr. Boako cautioned the current government against depleting these reserves without a plan to replenish them.
“My worry is that the current government does not seem concerned to keep building on the current reserves for future use,” he said.
He concluded by stressing that stabilising the cedi requires long-term structural reforms, not just foreign currency injections.
“Think about the future like the NPP/Bawumia did and keep building our reserves,” he advised.