The Ghana cedi appreciated significantly by 16.7% between January and May 2025, a surge that the National Democratic Congress (NDC) administration attributes to bold and deliberate policies and interventions under President John Dramani Mahama’s leadership.
National Communications Officer of the NDC and Chief Executive of the Ghana Gold Board (GoldBod), Sammy Gyamfi, took to social media platform X to tout the government’s efforts, crediting the remarkable currency rebound to sound economic stewardship and strategic fiscal management.
“The significant appreciation of the Ghana Cedi we are currently witnessing… has been occasioned by deliberate policy interventions by the NDC/Mahama government,” Gyamfi stated in his post.
He outlined three core policies behind the Cedi’s resurgence:
1. Tight Monetary Policy: The Bank of Ghana’s decision in March 2025 to raise the Monetary Policy Rate from 27% to 28% played a central role. This was complemented by aggressive liquidity sterilization and intensified open market operations to curb inflation and stabilise the currency.
2. Fiscal Consolidation and Investor Confidence: According to Gyamfi, the Ministry of Finance has maintained fiscal discipline, restoring investor trust and bringing stability to Ghana’s economic outlook.
3. Robust Forex Inflows: Foreign reserve accumulation through gold exports and purchases spearheaded by the Precious Minerals Marketing Company (PMMC) and GoldBod has been unprecedented. Additionally, strong inflows from cocoa exports and remittances further reinforced the cedi’s upward momentum.
“This is not accidental. It is the product of prudent leadership, tough decisions, and strategic reforms,” Gyamfi emphasized, attributing the results to Mahama’s proactive economic vision.
The cedi’s appreciation has also been buoyed by external factors including a weakening US dollar amid global uncertainties. However, Gyamfi insists that local policy measures have been the decisive factor in this upward trend.