The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has refuted claims that the Central Bank is deliberately manipulating the exchange rate to drive the recent appreciation of the Cedi.
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The local currency has recorded significant gains in recent weeks, sparking speculation that the Central Bank may be employing artificial measures to influence its value.
Speaking at the Ghana CEO Summit held in Accra on Monday, May 26, 2025, Dr. Asiamah attributed the Cedi’s performance to sound macroeconomic fundamentals.
Dr. Johnson Asiamah
“Our Cedi has appreciated by 24.1% against the US dollar. Let me emphasise that the Central Bank is not using international reserves to prop up the Cedi, nor are we engineering an unsustainable appreciation,” he said.
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According to Dr. Asiamah, the Cedi’s strength is underpinned by disciplined monetary policy, targeted foreign exchange reforms, improved remittance flows, and enhanced market surveillance.
“These are not short-term interventions—they are deliberate, structural changes aimed at ensuring long-term stability,” he added.
President John Dramani Mahama has reaffirmed his administration’s dedication to fiscal discipline as Ghana works toward exiting the International Monetary Fund (IMF) programme by 2026.
Speaking at the 9th Ghana CEO Summit on Monday, May 26, under the theme “Transforming Business and Governance for a Sustainable Futuristic Economy,” President Mahama underscored the need for prudent government spending and borrowing practices.
“Completing the IMF programme with discipline, we will continue the discipline in government expenditure and borrowing and work to achieve all targets under the extended credit facility programme with the IMF,” he said.
President John Dramani Mahama
He also noted that the government aims to complete the fourth review of the IMF programme by June 2025—a key milestone on the path to final programme completion.
“Afterwards, we will participate in Article IV consultations and adopt the Policy Support Instrument framework, signalling Ghana’s return to responsible, non-borrowing engagement with the Fund,” he added.
President Mahama’s remarks come as Ghana approaches the final stages of the IMF-supported programme, with stakeholders closely watching how the government manages its economic recovery and reforms.By:Patricia Boakye
The Ghana Private Road Transport Union (GPRTU) has stated that while drivers have been urged to implement the 15% fare reduction, strict and full compliance depends on law enforcement agencies.
GPRTU Public Relations Officer Abbas Ibrahim Moro said this in an interview on Adom FM’s Dwaso Nsem.
Acknowledging that some drivers have defied the directive, he noted that the majority are already complying with the reduction, which took effect on Saturday, May 24, 2025.
“We have done our part by communicating the reduction and informing our members, who are complying earnestly. But a few members of unregistered unions have decided not to comply. So it is in the hands of law enforcement agencies to ensure full compliance,” he stated.
Mr. Imoro warned that drivers who fail to adhere to the new fare structure will face sanctions and encouraged the public to report any instances of non-compliance.
“The law enforcement agencies must set an example out of some drivers and let people know we are governed by laws and they work. There is no way any member will do unlawful things and go scot-free,” he added.
The 15% fare reduction is part of measures to ease the burden on Ghanaians following recent fuel price cuts and consultations between transport unions and relevant stakeholders.
However, commercial transport operators remain divided over the implementation, citing the high cost of spare parts and vehicle maintenance.
Despite this, Mr. Imoro said some stations have implemented strict measures to ensure adherence and believe the reduction is a step in the right direction.
“I have monitored and toured some stations, and I can say the drivers are complying. I am the branch chairman at Abeka-Lapaz main station, and there, if any driver refuses to charge the new fare, you are not allowed to pick passengers and won’t work there,” he noted.Source: Adomonline.com
PRESS STATEMENT
For Immediate Release:
22nd May, 2025
Upon consideration of several petitions from stakeholders, the Ghana Gold Board (GoldBod) wishes to inform the general public, that the deadline for the transition to the new gold trading license regime, has been extended from 21st May, 2025 to 21st June, 2025.
Consequently, any person who hold a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources can continue to purchase and deal in gold with the said licenses until 21st June, 2025.
Prince Kwame Minkah
It must be emphasized, that even though a person may apply for a GoldBod license beyond the new non-extendable deadline of 21st June, 2025, only holders of a GoldBod license will be allowed to purchase, sell or deal in gold after this date.
The use of a license issued by the defunct PMMC and/or the Ministry of Lands and Natural Resources to deal in gold is hereby prohibited beyond the new non-extendable deadline of 21st June, 2025. A breach of this directive shall constitute a punishable offense under the Ghana Gold Board Act, 2025 (ACT 1140).
The deadline extension notwithstanding, the GoldBod wishes to inform all persons who hold a license to purchase and deal in gold, issued by the Ministry of Lands and Natural Resources, that the export function of their licenses has ceased to be valid, effective today, 22nd May, 2025. Accordingly, no person other than GoldBod as a corporate entity, can export small-scale gold from Ghana, effective immediately.
The GoldBod wishes to encourage all persons desirous of trading or dealing in gold in Ghana, to apply for a license via www.goldbod.gov.gh.
It is worthy of note, that the license application process is an ongoing process and will continue even after the new non-extendable deadline of 21st June, 2025, save that, a person without a GoldBod license cannot trade or deal in gold in Ghana after this deadline.
The GoldBod counts on the cooperation of all stakeholders and the general public as we work to optimize national benefits from Ghana’s gold resources in line with the vision of President John Dramani Mahama.
SIGNED.
Prince Kwame Minkah
Media Relations Officer
0256203488/0545540001
Economist and Finance Professor at the University of Ghana, Professor Godfred Bokpin, has stated that the New Patriotic Party (NPP) deserves partial credit for the current stability of the Ghanaian cedi.
He cited improved macroeconomic indicators and the continuity of certain policies as factors contributing to the cedi’s resilience.
Speaking in an interview on Citi FM on Wednesday, 21 May, Professor Bokpin acknowledged that while multiple elements are responsible for the cedi’s performance, the previous NPP government’s post-election economic management had a significant impact.
Professor Godfred Bokpin
“To some extent, the NPP should be given some credit. If you look at the data after December 2024, after the election under the IMF programme, we missed practically all the indicators, except for two,” he explained.
“One was GDP growth, which was higher than the programme’s target. We ended the year with 5.7%, and the other was our international reserves.”
He pointed out that the former government’s efforts, particularly through the Gold-for-Reserves programme, helped shore up foreign reserves — a move that created a foundation for the current administration to build upon.
He emphasised that this foundation has played a role in stabilising the foreign exchange market.
Professor Bokpin concluded that the relative currency stability being experienced is not the result of a single government’s action but rather a continuation of prudent policies.
“Such policy continuity, especially in the management of foreign reserves, has contributed to the relative stability observed in the foreign exchange market,” he noted.Source: Myjoyonline.com
The Bank of Ghana says it will intensify key reforms to consolidate recent gains made by the cedi which has appreciated by nearly 19 percent year-to-date.Ghanaian food recipes
The rally of the local currency has been largely driven by coordinated fiscal discipline and tight monetary policy measures.
Dr. Johnson Asiamah
Governor of the Bank of Ghana, Dr. Johnson Asiamah believes the next phase of reforms will focus on sustaining foreign exchange inflows and tightening regulatory oversight in the forex market.
He was speaking at the opening of the Bank’s 124th Monetary Policy Committee meeting on Wednesday at the Bank Square.
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“Importantly, the cedi has appreciated sharply by nearly 19 percent between April and May, helping to ease imported inflation pressures and restore public confidence. The appreciation reflects a combination of factors, including prudent monetary policy, improved market sentiment and external sector gains, he said.
But the Governor quickly added that underlying economic challenges persist despite the improving outlook.
“However, significant challenges persist. The inflation outlook, while improving, remains vulnerable to second-round effects, food supply constraints, especially from northern Ghana and the Sahel and external price shocks, particularly given volatile global commodity markets.”
“Geopolitical tensions and evolving global trade dynamics, including the recent US-led tariff disputes, have heightened market uncertainty and could affect commodity prices, exchange rates, and financial flows in emerging markets like ours”, he added.Ghanaian food recipes
The MPC is being held at a time of sustained cedi strength against the US dollar and ongoing efforts to rein in inflation.
At its last meeting in March, the Committee raised the policy rate by 100 basis points to 28%, a move the Governor Dr. Johnson Asiama said was necessary to anchor inflation expectations. Source:Nii Lartey
The first 120 days of John Mahama’s second term in office,has seen some significant achievements in the areas of fiscal and monetary policies including the much talked about of the recent appreciation of the Cedi against US dollar and other major international trading currencies.
However, it is worthy to let Ghanaians know the key contributions of Akufo-Addo’s government to the performance of Mahama’s government within the 120 days as follows:
1. Cedi Appreciation: Bearing Fruits of NPP “Gold for Forex” Initiatives & other Interventions
The CEO of GoldBod, Sammy Gyamfi, has been demanding answers to the two questions below:
1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS 16? or
2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS 12.2?
Dr.Razak KoJo Opoku
First and foremost, any well-read learned lawyer would rather argue from the standpoint of tonnes accumulated over a period of time, not the value of exchange rate since several factors affect the appreciation and depreciation of Currency.
The CEO of GoldBod unfortunately, is rushing above his gold-economics intelligence. Respectfully, the CEO of GoldBod should appreciate the fact that, the physical gold reserves left behind by the NPP Government is largely responsible and part of the unprecedented gold exports executed by Mahama’s government to accumulate the adequate forex liquidity at the exchange rate of GHS 12.2.
The Bank of Ghana Gold Reserves hit 31.37 tonnes at the end of April 2025. Out of this figure, what has been the contribution of GoldBod to the 31.37 tonnes of Gold and under which Budget utilization from January to April 2025?
A robust physical gold reserve position enhances the resilience of Ghana’s balance of payments, ensuring adequate buffer against external economic shocks, and strengthening the monetary policy decisions of Bank of Ghana.
Even, President John Mahama, speaking at the opening ceremony of Ghana-EU Business Forum held in Accra, admitted and acknowledged the undeniable fact that, Akufo-Addo’s government left behind $8.98 billion reserves, creating positive significant impact on the Cedi against the US Dollar and other trading currencies. The NPP’s $8.98 billion has significantly supported forex inflows, improved trade balancing as well as growing investor’s confidence in Mahama’s government.
According to John Mahama, “our gross international reserves have improved further from $8.98 billion in December 2024 to $10.6 billion by April 2025”. Mathematically, the inference is that between January-April 2025, John Mahama’s government has added only $1.62 billion to the Reserves of Ghana, even largely underpinning by the revenue mobilization strategies of NPP’s Mini-Budget for the 1st quarter of 2025 approved by Parliament on 3rd January 2025.
Until and unless Mahama’s government through the GoldBod is able to add more gold to the Reserves exceeding $8.98 billion left behind by the NPP government, the NDC has absolutely no moral or legal or ethical or economic rights to take full 100% credit for the recent appreciation of the Cedi against the US Dollar and other trading currencies.
The Domestic Gold Purchase Programme(DGPP) and “Gold for Oil”Policy so far have done greater good to the Cedi than Mahama’s GoldBod though we cannot completely also ignore the fact that the monopolistic GoldBod has played its role in the recent appreciation of the Cedi.
Categorically, Akufo-Addo’s government is responsible for about 80-90% of gold reserves of Ghana from 2021-April 2025, with the greater credit to the Bank of Ghana under the leadership of Governor Ernest Addison.
John Mahama’s government has been lucky enough to have inherited an already recovering economy from Akufo-Addo’s government.
Also, the admission and acknowledgement of $8.98 billion reserves by John Mahama sincerely indicates that John Mahama and the NDC LIED to the good people of Ghana that NPP criminally managed the economy.
Dr. Ato Forson authoritatively indicated in Section 104, page 24 of the 2025 Budget Speech that, “Mr. Speaker, provisional 2024 GDP Statistics published by Ghana Statistical Service(GSS) on 10th March 2025 shows that overall real GDP grew by 5.7% in 2024 compared to the growth rate of 3.1% recorded in 2023, and non-oil GDP grew by 6% in 2024 compared with a growth rate of 3.6% recorded in 2023(Section 105, Page 24 of 2025 Budget Speech). In fact, this is a solid economic recovery foundation left behind by Akufo-Addo’s government to John Mahama’s government.
Sammy Gyamfi should NOT also forget that before the operations of GoldBod on 2nd April 2025, there were functionality and operationalization of:
1. Precious Minerals Marketing Company(PMMC), later amended to the current GoldBod, headed by Sammy Gyamfi. Mr. Gyamfi was initially appointed as CEO for PMMC, not GoldBod, and actually started working with the architecture of PMMC for three(3) months until the Ghana Gold Board Act, 2025(Act 1140) was passed in March 2025 and assented into law on 2nd April 2025.
Domestic Gold Purchase Programme which began in 2021, with special credit to Akufo-Addo’s government.
The Domestic Gold Purchase Programme(DGPP),and Gold for Oil Policy implemented under the guidance of Akufo-Addo’s government seriously underpins Ghana’s “Gold for Forex” intervention for the appreciation of the Cedi.
Minerals Income Investment Fund(MIIF) envisioned by former President Akufo-Addo, and implemented by Ken Ofori-Atta, former Minister of Finance.
Due to the viability and relevance of Minerals Income Investment Fund(MIIF), in accordance with Section 135 of the 2025 Budget Speech presented to Parliament by Dr. Ato Forson, Minister of Finance, the Mahama’s government would amend the Minerals Income Investment Fund Act to ensure that, 80% of Mineral Royalties originally maintained by MIIF is transferred to the Consolidated Fund for infrastructure development and strengthen social protection initiatives of Mahama’s government(Pages 37-38 of the 2025 Budget Speech).
Ghana-IMF Programme started by Akufo-Addo’s government until 2026. John Mahama’s government inherited a $3 billion Extended Credit Facility from NPP government, with $370 million tranche hitting the account of Bank Ghana very soon.
The current Ghana-IMF programme has really created fiscal discipline and macro-stability for the Ghanaian economy, thereby boosting investor’s confidence in the economy.
The existence of the IMF programme has largely prevented Mahama’s government from reckless expenditures.
We would patiently wait to see the outcome of Ghana’s economy under Mahama’s government after the IMF Fiscal Discipline Programme with Ghana comes to an end in 2026.
2. Mini-Budget for 1st Quarter of 2025 Presented to Parliament by Akufo-Addo’s Government
It is without any argument and doubt that, Ghana was governed by John Mahama within the 120 days using Akufo-Addo’s Mini-Budget for 1st Quarter of 2025 passed by Parliament on 3rd January 2025.
Until Hon. Dr. Ato Forson presented the Budget on the 11th March 2025, John Mahama’s Administration was operating with Akufo-Addo’s Mini-Budget for 1st
quarter of 2025 in accordance with the relevant laws of the Country.
The Mini-Budget delivered by Hon. Dr. Mohammed Amin Adam on behalf of Akufo-Addo’s government was responsible for funding government operations for the 1st quarter of 2025, pending the substantive budget presentation by Mahama’s government.
The allocations of Akufo-Addo’s Mini-Budget focused on critical government functions including GHS 2.37 billion tax refunds, healthcare, education, public service costs, and infrastructure development across the country.
Akufo-Addo’s Mini-Budget helped Mahama’s government to sustain essential services, address pressing fiscal & monetary needs of Ghana, ensuring the sustainability of economic stability, as well as revenue mobilization strategies.
Dr.Ato Gordon, Finance Minister and President John Mahama
The Akufo-Addo’s 68.13 billion Ghana Cedis Mini-Budget for 1st Quarter of 2025 has the following deliverables:
1. GHS 16.46 billion for payment of employees salaries.
2. GHS 3.12 billion for payment of goods and services.
3. GHS 20.69 billion for interest payments, including obligations to Independent Power Producers(IPPs), and the Energy Sector Levy Account(ESLA).
4. GHS 45.50 million for subsidies.
5. GHS 9.19 billion allocated to government agencies.
6. and several other components not mentioned here.
3. Payment of Domestic Bondholders by Mahama’s Government
It is undeniable fact that, John Mahama’s government was able to honour the following payment interventions in February 2025 largely influenced by the Mini-Budget of Akufo-Addo’s government:
1. Payment-in-Cash(PIC) coupon of GHS 6.081 billion to all Domestic Debt Exchange Programme(DDEP) bondholders.
2. Payment-in-Kind(PIK) portion of GHS 3.46 billion, deposited into the respective bondholders’ securities accounts in line with the DDEP Memorandum secured by Akufo-Addo’s government.
3. Payment of GHS 9.7 billion into the Debt Service Recovery Cedi Account(Sinking Fund) as a buffer for the 5th DDEP coupon due in July and August, 2025.
The Debt Exchange Programme was a necessary evil intervention taken by Akufo-Addo’s government, attracted the hatred of Ghanaians but now serving as a blessing and breathing room to John Mahama’s government.
The 2025 Budget Statement of Mahama’s government indicates that, “Mr. Speaker, you may recall that the government(Akufo-Addo’s government) commenced the debt restructuring programme in 2022 to RESTORE DEBT SUSTAINABILITY and ECONOMIC STABILITY. Mr. Speaker, as of now, the restructuring process is approximately 93% completed. The remaining 7% relates to debt of $2.7 billion owed to commercial creditors. We are committed to completing the remaining debt restructuring as soon as possible”(Sections 101, 102 and 103: Pages 23-24 of 2025 Budget Speech delivered on 11th March 2025).
Additionally, Dr. Ato Forson admitted in Section 100 of the Budget Speech as follows, “Mr. Speaker, the reduction in debt -to-GDP ratio and the dollar component of our debt stock is as a result of the 37% haircut on the principal of the Eurobond debt under the debt restructuring programme” (Page 23 of 2025 Budget Speech), with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam, two former Ministers of Finance Akufo-Addo’s government.
Now, my question to Sammy Gyamfi, CEO of GoldBod and NDC Members are as follows:
(a). What would have been the current situation of the Cedi and the economy of Ghana if NPP government (with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam) was unable to successfully restructured 93% of Ghana’s debt caused by successive governments?
(b). How do you(NDC members) take full 100% credit for Cedi Appreciation when your efforts to Ghana’s debt restructuring is just 7%? This would certainly be an unreasonable and unjustifiable glory.
…. Signed….
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute
May 21, 2025 Stephen Blewett, the Chief Executive Officer of MTN Ghana, says MTN’s Fiber to the Home (FTTH) services, will expand internet access to households across major communities in the country for various purposes.
Stephen Blewett in a Pose with Journalists from Northern Region
In his keynote address during a media and stakeholder forum held in the northern regional capital Tamale, Mr. Blewett emphasized that the FTTH solution was developed in response to the growing reliance of Ghanaian homes on internet connectivity. He said, “We have tailored our FTTH solutions to meet the diverse needs of our customers.
CEO Stephen Blewett Interacts with a Vendor in Tamale Market
Our FTTH service offers high-speed internet connectivity, reliable and stable connections, low latency for seamless online experiences, and flexible plans to suit various needs and budgets.” He added, “This initiative aligns with our overarching digital agenda aimed at bridging the digital divide and empowering individuals, businesses, and communities across Ghana.”
MTN CEO Stephen Blewett interacting with customers in the Market
Mr. Blewett also highlighted that network expansion and capital investment are critical to MTN’s business growth and customer experience. He stressed the importance of expanding MTN’s digital infrastructure to enhance connectivity and drive economic growth.
MTN is enhancing its 4G capacity to ensure future-proof connectivity by upgrading its infrastructure and investing in the foundation of digital communication. In 2025, approximately 130 kilometers of fiber infrastructure will be relocated to improve network resilience and significantly expand capacity. This initiative will pave the way for next-generation services and applications that will empower individuals and businesses nationwide.
During his visit to the Northern region of Ghana, MTN CEO Stephen Blewett engaged with several stakeholder groups. He paid a courtesy call on the Northern Regional Minister, Hon. Ali Adolf John, and held discussions with media representatives from the Upper East, North East, Savannah, and Northern regions. Additionally, the CEO met with staff, toured the Tamale market, and engaged in conversations with the company’s trade partners.He was accompanied by some of the company’s executives and other management team members.
MTN organizes annual regional outreach programs to gather feedback on its operations and provide updates on product and service innovations.
End.
Media Contacts:
Adwoa Wiafe
Chief Corporate Services and Sustainability Officer
Despite growing buzz on social media about a drop in cement prices—particularly GHACEM 32R—retail checks across the market tell a different story.
Traders say the recent appreciation of the Ghana cedi has not translated into lower prices at the counter. GHACEM 32R is still retailing at around 120 cedis per bag.
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At a time when the cedi is enjoying one of its strongest runs in years, expectations are high that the cost of goods—especially imported and other critical products like cement—will follow suit.
But traders in parts of Accra have dismissed the claims making the rounds online, saying cement prices have not only held steady, but in some cases, seen slight increases over the last two quarters.
As of February 2025, cement prices had surged by 9 cedis to sell at GHS 120.
“There hasn’t been any price reduction. I even placed an order at 105 cedis per bag, and I’m yet to receive it—so all those reports are just hearsay,” Atta Boafo- a retailer opined.
David Nartey another retailer rejected the social media claims stating that:”I received my goods today and the factory price is GHS 120 and I retail it at GHS 130.”
They argue that factors such as high transport costs, rising input prices, and supply chain constraints continue to weigh on pricing—making it difficult for recent currency gains to reflect immediately at the retail level.
“We understand clinker is in short supply, so if there’s enough of it—and that combines with the stable exchange rate—it could push prices down and offer some relief,” another retailer added.
For most of the traders they impressed on the government to help address the issue of clinker shortages before consumers can think of any price reduction.By:Emmanuel Oppong
