Acting Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has insisted that the cedi appreciating against the dollar is due to the National Democratic Congress' (NDC) deliberate policies.

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In a Facebook post on Wednesday, May 20, Sammy Gyamfi outlined a stringent monetary policy stance, fiscal consolidation by the Ministry of Finance, and robust forex inflows and accelerated foreign reserve accumulation as factors influencing the cedi's stability.

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His remark is a response to a recent statement by former Vice President Dr. Mahamudu Bawumia. Speaking at an event, Dr. Bawumia emphasized that the NDC administration's policies are not influencing the cedi positively.

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“If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi.

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"They cannot tell you one that has been implemented, not sort of talked about, but actually implemented.They cannot tell you one such policy," the former Vice President said.

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Minister for Finance Dr. Cassiel Ato Forson has also cited stringent monetary policy, complemented by aggressive liquidity sterilization, and disciplined fiscal stance anchored around prudent public finance management as factors being the cedi's appreciation.

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"In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule," he added.

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Bolstering these efforts, he said, included "enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties."

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According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

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This has been reported as investors seek safe-haven assets. They "have significantly driven the strength of the Ghana cedi," the sector minister confirmed.

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The average interbank rates used by commercial banks for transactions at the close of business, May 20, show the US dollar buying at GH₵12.09 and selling at GH₵12.10.

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The British pound is buying at GH₵16.16 and selling at GH₵16.18. The euro is currently being bought at GH₵13.61 and sold at GH₵13.62.

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