Banking consultant Richmond Atuahene has offered fresh insights into the forces stabilising the Ghanaian Cedi, as public discussions intensify over leadership integrity at the Ghana Gold Board.
Speaking in an interview, Atuahene clarified that the resilience of the Cedi is not by chance but largely a result of increased gold production, surging cocoa prices, and a steady inflow of remittances from abroad.
“With the elevated gold prices and increase in production, then we have good balance, foreign currency balances, and at the same time, a good cedi,” he said.
He further cited an International Monetary Fund (IMF) report dated April 22, which highlighted Ghana’s rising unit remittances since October 2024.
According to him, these inflows play a critical role in shoring up Ghana’s currency and bolstering the country’s foreign reserves.
Atuahene emphasized, “Remittances are now contributing more than cocoa and gold to the currency’s strength. People don’t realise the impact.”
He added that while cocoa and gold remain significant to Ghana’s economy, the record now shows that remittances have become the most powerful contributor to the local currency’s stability.
This comes at a time when the acting CEO of the Ghana Gold Board, Sammy Gyamfi, is facing public scrutiny over his alleged “dollar lifestyle,” with critics like lawyer Maurice Ampaw questioning the financial ethics of leadership at the institution.
Though these claims have sparked debate, Atuahene’s commentary offers a broader economic context, reminding Ghanaians that the Cedi’s strength is supported by macroeconomic fundamentals—not just personalities or political tensions.
