IMANI: GoldBod Only Minor Factor in Cedi Gains—Global Dollar Weakness Main Driver!
Source: myjoyonline.com
Kofi Bentil, who is the Vice President of IMANI Africa, says that the Ghana Gold Board (GoldBod) has only played a small part in the cedi’s recent rise, adding less than 10% to its gains. He thinks that events happening around the world have had a much bigger effect, especially the US dollar’s decline, which he said was the main reason the cedi did better. He did say, though, that GoldBod has had some good effects.
Mr. Bentil said that President John Dramani Mahama’s high approval ratings in his first year back in office were not surprising. But he said that the real test of how well the government is doing should be what happens in the last years of its term.
His comments are in line with what Bright Simons, IMANI Africa’s Honorary Vice President, said. He also talked about GoldBod’s role in keeping the currency stable in 2025. Mr. Simons, on the other hand, said that changes in exchange rates depend on a number of things, such as global commodity prices. He said that the cedi has been very strong because gold prices around the world have gone up by more than 70%, which is a lot for Ghana since it relies on gold exports.
