Kofi Bentil, Senior Vice President of IMANI Africa, has praised the strategic government policies that have contributed to the recent appreciation of the Ghanaian cedi, particularly highlighting the pivotal role played by former Vice President Dr. Mahamudu Bawumia’s gold purchase programme, which laid the groundwork for the current success.
In a Facebook post on Thursday, May 8, Bentil acknowledged that while global factors such as actions by the U.S. government to devalue the dollar have played a role in the cedi’s strength, it is largely domestic strategies, particularly the gold purchase initiative, that have been the driving force. He credited Dr. Bawumia for originating the gold reserve strategy during the previous administration.
“The cedi is appreciating partly due to global shifts, but there is more to the story,” Bentil stated. “The gold reserves accumulated under the previous government, along with contributions from the current administration, have created a strong foundation. This government, while continuing the gold strategy, has also sold significant amounts of gold for forex, which has provided a boost to the cedi.”
Bentil pointed out that the Mahama-led government, in its final years, inherited 30.53 tonnes of gold reserves, which slightly increased to 31.37 tonnes by April 2025. However, a significant portion of these reserves has been sold, with gold sales alone in 2025 reaching over $2.7 billion, injecting much-needed forex into the Ghanaian economy.
“The sale of gold, coupled with the influx of dollars into the market, is contributing to the cedi’s strengthening,” Bentil added. He underscored that while the current administration has been effective in managing the economy, much of the credit for the strategy’s inception belongs to the previous government.
Bentil also emphasized the importance of political continuity and collaboration, urging that successful policies, regardless of their origin, be carried forward for the nation’s benefit. “Successive governments must work together to build on each other’s contributions. The cedi’s current success is a result of collaboration and continuity, from the foundation laid by Dr. Bawumia to the ongoing efforts of the Mahama administration.”
He concluded by noting that the work started by Dr. Bawumia and continued by President John Mahama should be recognized and furthered to ensure Ghana’s economic progress.
