The Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has dismissed claims that the recent appreciation of the cedi against major foreign currencies is the result of gold accumulation.
According to figures from Cedirates.com, the cedi has continued to appreciate against the US dollar, with a buying rate of GHS13.20 and a selling rate of GHS13.87 as of Thursday, May 8, 2025.
Senior Vice President of IMANI Africa, Kofi Bentil, had earlier attributed the cedi’s strong performance partly to the Domestic Gold Purchase Programme, initiated under the previous administration and continued by the current government.
“The cedi is appreciating also because we have gold reserves which were accumulated since the last government. This government has also added to the gold reserves, BUT a check of the numbers will reveal that most of what was purchased by this government has been sold for forex, which has been pushed into the system and is shoring up the cedi.
“This policy of gold purchase started under the last government and was pushed by DMB, and fortunately has been continued by this government under JM, and is being enhanced by the GoldBod idea. Both efforts are leading to positive results. Both governments deserve praise,” Mr. Bentil said.
However, responding in a social media post on the same day, Sammy Gyamfi, who is also the NDC National Communications Officer, argued that by the end of December 2024, Ghana’s gold reserves at the Bank of England stood at about 30 tonnes, yet the US dollar was trading at around GHS16.
According to him, Ghana’s gold reserves have increased by just about one tonne in 2025, but the dollar is now trading at approximately GHS13.20 on the retail market.
“This should tell you that the significant appreciation of the cedi and the drop in the dollar rate is not due to gold reserve accumulation per se,” he stated.
He further explained, “The fact is, the exchange rate is more stable—with the cedi appreciating today—because of the significant surge in dollar inflows on the back of unprecedented gold exports. This has increased the supply of dollars in the market to meet and even exceed demand.”
Mr. Gyamfi also credited the appreciation of the cedi to renewed confidence in the Ghanaian economy, citing what he described as prudent and credible fiscal and monetary policies implemented by the NDC/Mahama government and the Bank of Ghana.
