Kofi Bentil, Senior Vice President of policy think tank IMANI Africa, has attributed the recent appreciation of the Ghanaian cedi to a combination of strategic government actions—both past and present—while singling out former Vice President Dr Mahamudu Bawumia for initiating a key policy that laid the foundation for the current gains.

In a Facebook post on Thursday, 8 May, Mr Bentil emphasised that the cedi’s strengthening is partly due to global factors but largely influenced by prudent domestic strategies such as the gold purchase programme pioneered by Dr Bawumia during the previous administration.

“The cedi is appreciating because the US government is acting in ways that is devaluing the dollar… but there is more,” Mr Bentil wrote. “We have gold reserves which were accumulated since the last government.

This government has also added to the gold reserves BUT a check of the numbers will reveal that most of what was purchased by this government has been sold for forex… and it’s shoring up the cedi.”

He added that while the current government led by President John Mahama (JM) has continued the gold strategy, credit must also go to its originator.

According to figures from the Bank of Ghana and PMMC, the Mahama-led government inherited 30.53 tonnes of gold reserves and, as of April 2025, increased it slightly to 31.37 tonnes.

However, gold sales in 2025 alone amounted to over $2.7 billion, with revenues from January to April totalling $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,” Mr Bentil stated, concluding that “the cumulative effect of these actions is why the cedi is strengthening.”

While praising the Mahama administration for its effective management of the currency, Mr Bentil stressed the importance of continuity and collaboration between 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 said.

“No government will develop Ghana alone… 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.”