Sammy Gyamfi, the CEO of Goldbod, has questioned Ghana’s former Vice President, Dr. Mahamudu Bawumia, over the country’s economic policies.
In a Facebook post on Wednesday, 21st May, 2025, Sammy Gyamfi raised concerns about what he believes are misplaced priorities under Bawumia’s leadership as the former head of Ghana’s Economic Management Team.
In the post, Mr. Gyamfi asked a simple but thought-provoking question:
“What is more important?
1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS16?
or
2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to cedi exchange rate of GHS12.2?”
The post is a direct message to Dr. Bawumia, questioning whether it is better to store physical gold while the Ghanaian cedi weakens or to earn more foreign currency through gold exports, which can help strengthen the cedi.
Sammy Gyamfi seems to suggest that exporting gold to bring in more dollars could be a better plan to stabilize the economy, instead of just storing gold while the local currency continues to fall.
He called on Alhaji Bawumia to answer this “simple question,” implying that the former Vice President must explain the decisions made during his time in office, especially as the country struggles with a weak currency and rising inflation.
This Facebook post has sparked conversations online, with many Ghanaians also debating which approach would have been better for the country. Some support the idea of saving gold for the future, while others agree with Sammy Gyamfi that increasing dollar earnings through gold exports would have helped reduce the pressure on the cedi.
Dr. Bawumia has not yet responded to the post.
