Kofi Bentil, the Senior Vice President of the policy think tank IMANI Africa, has recently highlighted the significant factors behind the Ghanaian cedi’s recent appreciation. Apexnewsgh reports
In a Facebook post on Thursday, May 8, Bentil credited a blend of strategic government actions from both past and present, notably emphasizing the pivotal role played by former Vice President Dr. Mahamudu Bawumia.
Bentil pointed out that while the appreciation of the cedi is influenced by global economic factors, it is primarily rooted in prudent domestic strategies, particularly the gold purchase program initiated by Dr. Bawumia during his tenure. “The cedi is appreciating because the US government is acting in ways that is devaluing the dollar… but there is more,” he wrote. He explained that Ghana’s growing gold reserves have played a crucial role in this financial turnaround.
According to Bentil, the current government has increased gold reserves slightly from 30.53 tonnes inherited from the previous administration to 31.37 tonnes as of April 2025. However, he noted that a significant portion of the gold acquired under the current administration has been sold, generating over $2.7 billion in revenue in 2025 alone. Monthly figures from January to April reflect substantial inflows: $506 million, $579 million, $742 million, and $897 million, respectively.
“The current JM government did not add much to the reserves but sold gold and has pumped the dollars received into the economy,” Bentil stated. He concluded that these cumulative actions are largely responsible for the cedi’s strengthening.
While commending President John Mahama’s administration for its management of the currency, Bentil stressed the necessity of continuity and collaboration among successive governments. “There’s something about the passion of an originator which no one else can emulate… we get nothing by spurning them and gain everything by co-opting them,” he remarked.
In his closing thoughts, he emphasized that no single government can develop Ghana in isolation, urging a collective effort. “It is a baton relay and that is what is helping the cedi today. May this good work started by DMB and continued by JM go on,” Bentil concluded.
Source: Apexnewsgh.com
