Sammy Gyamfi Credits Cedi’s 16.7% Gain to Strategic NDC Economic Interventions

The Chief Executive Officer of the Ghana GoldBoard and the Precious Minerals Marketing Company (PMMC), Sammy Gyamfi Esq., has credited the sharp appreciation of the Ghana cedi—rising by 16.7% between January and May 2025—to carefully executed economic policies by the NDC/Mahama administration.

In a statement released this week, Gyamfi identified three key drivers behind the strengthening of the local currency:

1. Monetary Tightening by the Bank of Ghana
   A strategic increase of the Monetary Policy Rate by 100 basis points (from 27% to 28%) in March 2025, combined with aggressive open market operations and liquidity sterilization, helped curb inflationary pressures and stabilize the currency.

2. Fiscal Consolidation and Investor Confidence
   The Ministry of Finance implemented strict fiscal discipline, restoring investor confidence in Ghana’s economy. This fiscal credibility played a crucial role in strengthening the cedi and attracting foreign capital.

3. Surging Forex Inflows from Gold and Cocoa
   Under Gyamfi’s leadership, the PMMC and Ghana GoldBoard recorded unprecedented gold purchases and exports, significantly boosting foreign reserves. Additional foreign exchange inflows from cocoa exports and remittances further contributed to currency stability.

He also noted the influence of a weakening US dollar on global markets, which created a favorable external environment for emerging market currencies like the cedi.

“These gains are not accidental. They are the direct result of deliberate and bold policy decisions made by the NDC government,” said Gyamfi. “The data shows that responsible leadership and sound economic management deliver real, measurable outcomes.”

Gyamfi’s statement comes in response to ongoing political debate over the sustainability and origin of Ghana’s recent economic recovery, especially with regard to inflation control and currency strength.