Member of Parliament for Tano North and Aide to former Vice President Dr Mahamudu Bawumia, Dr Gideon Boako, has responded to claims by Sammy Gyamfi, CEO of Goldbod, that the recent appreciation of the cedi is largely due to policies implemented by the current Mahama administration.
In his response to Sammy Gyamfi’s Facebook post, Dr Boako noted that President Mahama may be in power, but it is the economic foresight and policies of Dr Bawumia that have laid the foundation for the cedi to experience its current stability.
Mr Gyamfi earlier made a claim explaining that the 16.7% appreciation of the cedi since January 2025, in his view, should be attributed to a combination of stringent monetary policy, fiscal consolidation, and increased forex inflows from gold exports and remittances.
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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.
Dr Boako rejected such claims, describing them as grossly inadequate. “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 added, “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.”
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