Ghanaian Cedi Strength: Is GoldBod the Real Reason?

Ghanaian Cedi's Rise: Expert Disputes GoldBod's Role The Ghanaian cedi has recently shown signs of appreciation against major currencies. However, Dr. Abdul Kabiru Tia Mahama, a member of Parliament's Finance Committee, disputes claims that the newly launched GoldBod initiative is the primary cause. In a recent JoyNews interview, Dr. Mahama stated, "The cedi's appreciation cannot be attributed to GoldBod, as it has been in operation for only a month." Dr. Mahama points to pre-existing mechanisms for gold buying and export, stating that these systems have been in place long before GoldBod's involvement. He emphasizes the importance of considering broader economic factors when analyzing currency fluctuations. He further explained the existing system, noting, "There was already a system in place for the purchase and export of gold." This suggests that the cedi's strength may be the result of multiple factors, rather than solely the contribution of GoldBod. The interview provides valuable insight into the complexities of Ghana's economy and the factors affecting its currency.