Vice President of IMANI Africa, Kofi Bentil, has explained that the impact of the Ghana Gold Board (GoldBod) on the recent appreciation of the cedi is relatively modest.

Mr Bentil says GoldBod has had some influence on the local currency, but its effect accounts for less than 10 per cent of the cedi’s recent gains.

He attributed a significant part of the appreciation to broader global trends, particularly the weakening of the United States dollar.

“GoldBod has made some contribution, but its effect on the cedi is less than 10 per cent. Globally, the dollar itself has been depreciating,” said Mr Bentil, who is also a private legal practitioner.

Touching on President John Dramani Mahama’s positive approval ratings in his first year back in office, Mr Bentil said the development was not unexpected.

However, he cautioned that the real test of governance would emerge over the remaining years of the President’s term. “It is not surprising. The real challenges are what will happen in the next three years,” he noted.

His comments align with earlier observations by IMANI Africa’s Honorary Vice President, Bright Simons, who also acknowledged GoldBod’s role in supporting currency stability in 2025 but stressed that it was not the dominant factor.

Mr Simons explained that exchange rate movements are influenced by multiple variables, including commodity prices, noting that Ghana’s heavy reliance on gold exports means the more than 70 per cent rise in global gold prices in 2025 played a significant role in supporting the cedi.