Cedi Appreciation Attributed To Gold Exports, Not Reserves – Sammy Gyamfi
Cedi currently selling at GH¢11.85 to $1
The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has attributed the sustained appreciation of the Ghana cedi to the Board’s gold export initiatives, rather than to gold reserve accumulation.
According to Mr. Gyamfi, the strengthening of the local currency is largely due to increased foreign exchange liquidity resulting from unprecedented levels of gold exports facilitated by the Ghana Gold Board. He noted that this, combined with fiscal measures by the Ministry of Finance and a stringent monetary policy by the Bank of Ghana, has supported the cedi’s performance.
Reacting to the cedi’s appreciation on May 22, 2025, Gyamfi wrote on X (formerly Twitter):
“The appreciation of the Ghana cedi continues unabated. This is not a product of gold reserve accumulation but rather, high forex liquidity, mainly on account of unprecedented gold exports by the Ghana Gold Board, coupled with a stringent monetary policy stance by the Bank of Ghana and fiscal consolidation by the Ato Forson-led Ministry of Finance.
Indeed, #AbanPapaAba. Thank you, Mr. President @JDMahama, for delivering the Ghana cedi we all want.”
In its daily update, the Bank of Ghana reported that the cedi was trading at a buying price of GH¢11.84 and a selling price of GH¢11.85 to the US dollar. The British pound was being bought at GH¢15.83 and sold at GH¢15.84, while the euro traded at a buying price of GH¢13.33 and a selling price of GH¢13.34.
However, checks on May 22, 2025, showed different rates in the retail market. The cedi was trading at GH¢12.80 to the dollar, the pound was selling at GH¢17.30, and the euro at GH¢14.80 at some forex bureaus across the country.
Credit: ghanaweb.com
