Senyo K. Hosi, an entrepreneur and finance and economic policy analyst, says Ghana’s Domestic Gold Purchase Programme played a decisive role in strengthening the cedi beyond IMF projections in 2025.

He explains that while the IMF-supervised budget projected an average exchange rate of GH¢15.95 to the dollar, the cedi instead appreciated to an average of GH¢12.53. “This outcome reflects confidence driven by gold-backed reserve accumulation,” Hosi says.

According to Hosi, the IMF itself acknowledged that the DGPP enabled Ghana to meet its 2028 reserve coverage target three years early, boosting investor and market confidence.

He adds that although global gold prices supported the outcome, the policy design and execution were central. “The stars aligned, but our actions mattered,” Hosi notes.

Hosi describes the currency appreciation as an unusual but welcome outcome within an IMF programme, calling it evidence of effective home-grown policy alignment.