Finance and economic policy analyst Senyo Hosi has attributed Ghana’s currency appreciation in 2025 primarily to the Domestic Gold Purchase Programme operated through GOLDBOD.
“Gross international reserves are always at the core of a currency’s stability,” Hosi said in an article. “So the lower the reserves, the lower the value of the currency in a floating FX regime.”
According to him, Ghana’s gross reserves increased from US$8.98 billion in 2024 to US$11.12 billion by October 2025 and are projected to reach US$13 billion by year-end.
He noted that the IMF itself linked the cedi’s appreciation to reserve accumulation and foreign exchange inflows driven largely by gold exports.
“Our receipts have surged from two fronts,” Hosi explained. “We recovered our one-third loss to smuggling by moving official volumes from 63 metric tonnes in 2024 to 101 metric tonnes in 2025, and global gold prices increased by 44 percent.”
He stressed that the resulting exchange rate performance defied IMF projections.
“The IMF-supervised 2025 budget projected a depreciation of about 9 percent,” Hosi said. “Instead, Ghana recorded a 13 percent average appreciation.”
“This was a well-orchestrated homegrown strategy,” he added, “anchored on the productivity of GOLDBOD under the DGPP programme.”
