New Patriotic Party (NPP) stalwart Gabby Asare Otchere-Darko has praised former Vice President Dr Mahamudu Bawumia for the current performance of Ghana’s currency, the Ghana cedi.
In a post shared on X on Saturday, May 17, 2025, Gabby suggested that the former vice president’s vision of “Gold for Forex” has been adopted by the John Dramani Mahama government and is the reason for the appreciation of the Ghana cedi currently being seen.
He indicated that the Ghana cedi started appreciating long ago under the Nana Addo Dankwa Akufo-Addo government due to the “Gold for Forex” formula but was heavily criticised when he wrote about it.
“Long may the trend of a stronger cedi continue. I recall when I started posting daily the strengthening trend of the cedi before December 7, I was criticised for reminding Ghanaians rather of the bad state of the cedi and had to delete some!
“Today, the Bawumia Formula of Gold for Forex has become the gold standard, so to speak. Other gold-producing African nations, including recently Namibia, are adopting it. I am delighted to see the cedi regaining strength against the dollar, and long may it continue.”
The leading member of the NPP added, “We pray that it is not just temporary.”
He said that the performance of Ghana’s economy is in the interest of every Ghanaian and therefore wished the John Dramani Mahama government well.
“I wish the managers of the economy well. If it works, it works for all of us and the capacity of businesses to create jobs and spread prosperity. Let us get to the stage where we elevate our political competition to not praying for your failure as the only route to my success, but where I can show that I can do better than your best. In the end, Ghana wins. The people win.”
The Ghana cedi continues to appreciate against major foreign currencies, including the United States (US) dollar.
On Saturday, May 17, 2025, Ghana’s local currency appreciated on the interbank market against major trading currencies, particularly the US dollar, according to rates from some forex bureaux.
In its daily update, the Bank of Ghana noted that the cedi is trading at a buying price of GH¢12.31 and a selling price of GH¢12.32 to the dollar.
The British pound is being bought at GH¢16.32 and sold at GH¢16.33, while the euro is trading at a buying price of GH¢13.71 and a selling price of GH¢13.72.
Checks by GhanaWeb Business on 17 May 2025, at 9:00 a.m. indicate that the cedi is trading at GH¢13.65, while the pound is selling at GH¢18.00 at some forex bureaux across the country.
Additionally, the euro is trading at GH¢15.50 on the retail market.
View Gabby’s post below:
Long may the trend of a stronger cedi continue. I recall when I started posting daily the strengthening trend of the cedi before the Dec 7, I was criticised for reminding Ghanaians rather of the bad state of the cedi and had to delete some! Today, the Bawumia Formula of Gold for… https://t.co/KusKBfQ9oY
— Gabby Otchere-Darko (@GabbyDarko) May 17, 2025
BAI/MA
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