Vice President of IMANI Africa, Kofi Bentil, has said that the Cedi is also appreciating because Ghana has gold reserves that have been accumulated since the last Akufo-Addo government.
He notes that the Mahama administration has also increased the gold reserves, but a check of the numbers will reveal that most of what the Mahama government purchased has been sold for forex, which has been pushed into the system and is strengthening the cedi.
“So the actions of the past and present governments are paying off. This policy of gold purchase started in the last government and was pushed by Dr Mahamudu Bawumia, and fortunately has been continued by this government under John Mahama, and is being enhanced by the GoldBod idea. Both efforts are leading to positive results. Both governments deserve praise,” he wrote on his Facebook page.
Recently, the Governor of the Bank of Ghana, Dr Johnson Asiama, said that some measures had been introduced, which are resulting in stability.
He explained that the BoG is currently implementing some foreign exchange market reforms to shore up the Cedi.
“The stability you are seeing now is not because we are intervening, it is not because we are selling reserves for stability, no. Remember our reserves programmes actually go up by the day, we are building more and more reserves. All that we are doing is strengthening the surge in inflows, a number of foreign exchange market reforms are being implemented,” he said.
