Excerpts of my remarks at the just ended inauguration of the Board of Directors of the Ghana Gold Board:
“As of May 13, 2025, the Ghana cedi has solidified its position as the standout performer among global currencies, achieving a remarkable 16.7% appreciation against the US dollar year-to-date.
This marks a significant reversal from the 13.4% depreciation observed in the same period of 2024, with the cedi earning recognition as the top-performing currency in April 2025.
This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context.
The central bank, in close collaboration with the Ministry of Finance, has adopted a stringent monetary policy, complemented by aggressive liquidity sterilization.
Concurrently, the Ministry of Finance has implemented a disciplined fiscal stance anchored around prudent public finance management.
Bolstering these efforts, enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties, have significantly driven the strength of the Ghana cedi.
But the unprecedented performance of the Ghana cedi has not come at the cost of our safety net. In fact, our foreign exchange reserves at the Bank of Ghana reached a record-high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule
This underscores the sustainability of the cedi's performance.
The activities of the Goldbod stand to further strengthen this performance. In fact, it will change how both the Ghana cedi and Ghana's foreign exchange accumulation will behave in the future.
This paradigm shift will challenge traditional models reliant on old patterns, potentially leading to inaccurate projections and missing the true potential of the cedi.
I wish to assure the Ghanaian public and our stakeholders, that the outlook for the Ghana cedi remains robust and sustainable, supported by the transformative activities of the Goldbod.
I urge the newly-constituted Board to work hard to support and sustain this trajectory.
Together, let us help to propel His Excellency President John Dramani Mahama's ongoing reset of Ghana's economy and our effort to deliver economic prosperity for all Ghanaians.
I thank you and may God bless our homeland Ghana.”
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