The Ghana cedi has recorded a remarkable 16.7% appreciation between January and May
2025—a development the opposition National
Democratic Congress (NDC) credits to targeted policy actions implemented under the leadership of former President John Dramani Mahama.
According to the Acting Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, the ongoing recovery of the local currency is not accidental but rather the result of “deliberate
policy interventions” by the Mahama administration since assuming office.
In a statement released on Tuesday, Mr. Gyamfi outlined the key measures that have helped reverse the cedi’s previous downward spiral.
Among them is a “stringent monetary policy stance” adopted by the Bank of Ghana, including the decision in March 2025 to raise the
Monetary Policy Rate from 27% to 28%.
“This was partly achieved through the strategic policy decision by the Bank of Ghana in March 2025, to increase the Monetary Policy Rate by
100 basis points from 27% to 28% and the Open Market operations of the Bank,” he noted, emphasizing that the move helped curb inflation and stabilize demand.
Another contributing factor, according to Gyamfi, is renewed fiscal discipline by the Ministry of Finance, which has helped restore investor confidence in Ghana’s economy.
“Fiscal consolidation by the Ministry of Finance and the restoration of investor confidence in the Ghanaian economy anchored on fiscal discipline and prudent public finance management,” he said, has been pivotal to the turnaround.
He also attributes the strengthened cedi to robust foreign exchange inflows and increased foreign reserves-fueled in part by aggressive gold export strategies.
“Robust forex inflows and accelerated foreign reserve accumulation through unprecedented gold purchases and exports by the PMMC/GoldBod. As well as enhanced foreign exchange inflows from cocoa, remittances among others,” Gyamfi stated.
He added that these internal measures have been further reinforced by a favorable external environment, noting that “a weakening of the US dollar amid global uncertainties” has provided additional tailwinds for the cedi’s performance.
The statement comes amid growing public and business sector optimism about Ghana’s economic prospects, with the strengthening cedi offering relief to importers and signaling broader macroeconomic stability. However, some economists continue to watch inflation
trends and external shocks that could test the
durability of these gains.
Nonetheless, the NDC maintains that the recent appreciation of the currency underscores the effectiveness of its economic recovery agenda and the fiscal and monetary prudence of the current administration.
