Dr. Ekua Amoakoh, a member of the New Patriotic Party’s (NPP) communications team, says the constant appreciation of the cedi against the dollar is due to efforts by former Vice President Dr. Mahamudu Bawumia.
The local currency has recently shown strong performance against major foreign currencies such as the US dollar, euro, and British pound.
As of Tuesday, May 6, 2025, the cedi was trading at a buying rate of GHS13.64 and a selling rate of GHS14.46 to the US dollar.
For the British pound, it was trading at GHS18.04 for buying and GHS19.26 for selling.
The euro traded at GHS15.37 for buying and GHS16.39 for selling rates.
The data is sourced from Cedirates.com, a Ghanaian platform that tracks currency and fuel updates.
Reacting to this in an interview with Accra-based GHOne TV on Tuesday, May 6, Dr. Amoakoh attributed the stability to policies introduced under Bawumia’s leadership.
She explained that the NPP government had accumulated over $6 billion worth of gold through the Domestic Gold Purchase Programme, designed to shore up the cedi between 2022 and January 2025.
“Dr. Bawumia’s efforts to back the cedi with gold are already paying dividends. From 2022 to the time the NPP left office, Ghana had accumulated over $6 billion worth of gold as reserves through the domestic gold purchase program,” she said.
