The National Communications Officer of the National Democratic Congress (NDC), Sammy Gyamfi, has attributed the recent sharp appreciation of the Ghanaian cedi to deliberate and strategic policy interventions undertaken by the NDC government under President John Dramani Mahama.

In a statement released on Wednesday, May 21, 2025, Mr. Gyamfi disclosed that the cedi has appreciated by 16.7% between January and May 2025, crediting this development to a combination of sound monetary, fiscal, and foreign exchange management policies.

He identified three main pillars behind the currency’s recovery:

Tight Monetary Policy and Liquidity Control:
Mr. Gyamfi pointed to the Bank of Ghana’s firm monetary policy stance, including a 100 basis point increase in the Monetary Policy Rate from 27% to 28% in March 2025, as a major contributor. He noted that this was complemented by aggressive liquidity sterilisation and open market operations to stabilise the currency.

Fiscal Consolidation and Investor Confidence:
He highlighted the Ministry of Finance’s commitment to fiscal consolidation, fiscal discipline, and prudent public financial management, which he said have restored investor confidence in Ghana’s economy and created a more stable macroeconomic environment.

Robust Forex Inflows and Reserve Accumulation:
According to Mr. Gyamfi, the government's strategic focus on enhancing foreign exchange earnings, particularly through increased gold purchases and exports by the Precious Minerals Marketing Company (PMMC) and GoldBod, has bolstered the country’s foreign reserves.  He also cited improved inflows from cocoa exports and remittances as key factors.

In addition to these domestic measures, he acknowledged the influence of a favourable global context, particularly the weakening of the US dollar due to global economic uncertainties, which has further enhanced the cedi’s performance.

Mr. Gyamfi emphasised that the cedi’s recovery is not coincidental but the result of “deliberate, coherent, and disciplined economic management by the NDC/Mahama administration.”