The National Democratic Congress (NDC) National Communications Officer, Sammy Gyamfi, has responded to Kofi Bentil’s claim that former Vice President Dr. Mahamudu Bawumia deserves credit for the recent appreciation of the Ghanaian cedi.
Mr. Gyamfi argued that the cedi’s stability is not primarily due to gold reserve accumulation but rather a significant surge in dollar inflows from unprecedented gold exports.
“The facts show that our gold reserves are rather increasing. 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,” Sammy Gyamfi wrote on Facebook.
He also attributed the cedi’s appreciation to restored confidence in the Ghanaian economy due to prudent fiscal and monetary measures adopted by the John Dramani Mahama government and the Central Bank.
The Goldbod CEO contrasted this with the immediate past New Patriotic Party administration, stating that under Bawumia’s leadership as the head of the Economic Management Team (EMT), the Ghana cedi attained the “uneviable record as the worst performing currency in the world.”
Sammy Gyamfi questioned Kofi Bentil’s claim, saying, “And Kofi Bentil says what? Bawumia deserves the credit? Next Joke!”
He emphasized that the current government’s policies have led to the cedi being hailed as the best-performing currency globally, a stark contrast to its performance under the previous administration.
The Ghanaian cedi has outpaced all global currencies in terms of gains against the US dollar, bolstering consumer confidence and easing pressure on the cost of imported goods, per Bloomberg data.
This development has helped ease inflationary pressures, contributing to Ghana’s lowest inflation rate in eight months. The cedi is currently trading at GH₵13.4 against the dollar.
