By Issah Olegor
A fierce political battle has erupted between Ghana’s two leading parties, the National Democratic Congress (NDC) and the New Patriotic Party (NPP), over who deserves credit for the country’s recent surge in gold exports and the strengthening of the Ghanaian cedi.
At the center of the storm is a detailed data release by Sammy Gyamfi, Managing Director of the Precious Minerals Marketing Company (PMMC) and Communications Officer of the NDC, who hailed what he described as a “historic gold export performance” under the Mahama administration.
Citing official figures from the Ghana Gold Board (GoldBod), Sammy Gyamfi shared a chart showing a dramatic rise in gold export volumes and revenues between 2023 and 2025.
According to his data, Ghana exported over 30,479 kilograms of gold in just the first four months of 2025, earning more than $2.7 billion.
This compares with 63,647 kilograms exported in 2024 valued at $4.6 billion, and 37,454 kilograms in 2023 earning $2.1 billion.
The surge in gold exports, Gyamfi argues, is the result of “strategic export reforms and transparency initiatives” implemented by the NDC.
“Ghana’s forex reserves have surged on the back of unprecedented gold exports by the NDC/Mahama government,” Sammy Gyamfi asserted in a social media post that has since sparked a broader political debate.
But the members of the New Patriotic Party, NPP were quick to respond, claiming that the foundations for Ghana’s current gold policy boom were laid under the leadership of former President Nana Addo Dankwa Akufo-Addo and his Vice President, Dr. Mahamudu Bawumia.
In a counter-narrative, party communicators and supporters praised the Bank of Ghana’s gold accumulation strategy, which they said played a critical role in stabilizing the cedi.
Data from the Bank of Ghana supports this narrative to some extent, showing a steady buildup of gold reserves from 8.78 tonnes in May 2023 to 31.37 tonnes by April 2025.
The NPP says this strategic reserve policy was a key initiative of the Akufo-Addo/Bawumia administration, allowing the central bank to exchange gold for foreign currency and bolster the cedi.
Among those lending support to this view is Kofi Bentil, Vice President of IMANI Africa, who in a widely circulated statement credited both administrations for playing complementary roles in the country’s economic turnaround.
“The gold reserve policy started in the last government and has been continued under Mahama. Both efforts are leading to positive results,” Bentil said.
While acknowledging that global economic factors—such as the weakening of the U.S. dollar—have contributed to the cedi’s rebound, he maintained that domestic policies, especially those centered on gold, are playing a pivotal role.
Kofi Bentil also warned against politicizing Ghana’s economic progress, stating, “No government will develop Ghana alone. It will take all governments from both parties working in a chain or baton relay to move us forward.”
