National Communications Officer of the ruling National Democratic Congress (NDC), Sammy Gyamfi, has thrown a direct challenge to former Vice President Dr. Mahamudu Bawumia, demanding clarity on what economic strategy he believes is more critical: amassing physical gold reserves amid a weaker cedi, or boosting foreign exchange (forex) liquidity through increased gold exports that result in a stronger local currency.
In a strongly worded statement, Gyamfi, who also serves as the acting Chief Executive Officer of the Ghana Goldbod, questioned Dr. Bawumia’s recent comments regarding the appreciation of the Ghanaian cedi against the US dollar and other major trading currencies.
“What is more important?” Gyamfi asked. “Accumulating physical gold reserves when the exchange rate is GHS16 to a dollar, or increasing forex liquidity through record-breaking gold exports that have brought the dollar-to-cedi rate to GHS12.2?”
Gyamfi’s comments come in response to remarks made by Dr. Bawumia, who had questioned the policies implemented by the NDC government, implying they were attempting to take undue credit for the recent stabilization of the cedi.
During a public address, Dr. Bawumia suggested that the appreciation of the cedi should be examined in light of economic fundamentals and questioned what measures the current government had undertaken to achieve such results.
“If the cedi is appreciating, the question to ask is, what policies have been implemented to cause that? What structural changes have been made? Otherwise, it could just be a seasonal or short-term fluctuation,” Bawumia said.
Gyamfi, however, insists that the current stability of the cedi is due to deliberate and strategic interventions by the NDC government, particularly in the mining and export sectors. He emphasized that the enhanced performance of Ghana’s gold export sector has directly boosted foreign exchange reserves, thereby easing pressure on the local currency.
He further accused the former Vice President—who served as the Head of the Economic Management Team under President Nana Addo Dankwa Akufo-Addo—of presiding over one of the worst economic declines in Ghana’s history, characterized by unsustainable debt levels, inflation, and rapid depreciation of the cedi.
“This is not a rhetorical exercise,” Gyamfi said. “Dr. Bawumia must give the Ghanaian people a clear and honest answer. Under his watch, the economy was in freefall. Today, we are seeing a reversal. Is it not fair to ask what we’re doing differently and more effectively?”
The political back-and-forth highlights the intensifying debate around Ghana’s economic performance ahead of the 2024 general elections, with both parties seeking to shape the public narrative around recovery and future policy direction.
Source: www.kumasimail.com
