Cedi Gains Not Attributed To Gold Reserve Buildup – Goldbod CEO Sammy Gyamfi

Sammy Gyamfi, Chief Executive Officer of Goldbod, has clarified that the recent appreciation of the Ghanaian cedi is not a result of gold reserve accumulation.

According to him, the strengthening of the cedi is primarily due to increased foreign exchange liquidity, largely driven by record-breaking gold exports facilitated by Goldbod.

In a post on X (formerly Twitter), Gyamfi stated:

“The appreciation of the Ghana cedi continues unabated.
This is not a product of gold reserve accumulation but rather, high forex liquidity—mainly on account of unprecedented gold exports by the @GhanaGOLDBOD, coupled with the stringent monetary policy stance by @thebankofghana and fiscal consolidation by the Ato Forson-led Ministry of Finance.”

His comments come amid ongoing public discourse on the causes of the cedi’s recent gains, with some attributing the trend to increased gold reserves. Gyamfi’s statement, however, places the focus on export performance and broader macroeconomic policy measures.

The appreciation of the Ghana cedi continues unabated.

This is not a product of gold reserve accumulation but rather, high forex liquidity mainly on account of unprecedented gold exports by the @GhanaGOLDBOD, coupled with stringent monetary policy stance by @thebankofghana and… pic.twitter.com/y38rTIdRcX

— Sammy Gyamfi (@SammyGyamfi_) May 22, 2025

Source: Nkonkonsa.com