Credit Kekeli K. Blamey
The Minority in Parliament is attributing the recent appreciation of the Ghanaian cedi not to new initiatives by the current administration but to the economic legacy of the previous New Patriotic Party (NPP) government.
Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee and former Finance Minister, highlighted that President John Dramani Mahama’s recent comments crediting the country’s gross international reserves for the cedi’s performance indirectly affirm the strong fiscal and monetary foundations laid by the Akufo-Addo/Bawumia administration.
As of April 2025, Ghana’s international reserves stand at $10.6 billion—with $8.98 billion of that inherited from the previous government. “This clearly indicates that the National Democratic Congress (NDC) government is relying on the buffers built by the NPP, rather than implementing its own stabilizing economic policies,” Dr. Amin Adam argued.
Finance Minister Ato Forson has maintained that the GoldBod programme—centered on using gold trades to bolster foreign exchange—remains central to maintaining currency stability. However, Dr. Amin Adam insists that this strategy was pioneered by the NPP, particularly through the Gold for Forex (G4FX) initiative, which saw gold reserves rise sharply from 8.78 tonnes in May 2023 to over 30 tonnes by December 2024.
Despite this progress, the Minority has raised concerns about recent inconsistencies in reserve data and a significant slowdown in gold accumulation since the NDC assumed office in 2025, with less than one tonne added so far this year.
Dr. Amin Adam is calling on the Bank of Ghana and GoldBod to clarify discrepancies and provide a detailed report on foreign exchange transactions to Parliament. “Ghanaians deserve transparency and accountability if we are to protect the cedi’s recent gains,” he stated.
He also pointed out that while the currency’s appreciation should have led to more tangible benefits such as lower inflation and interest rates, progress has been sluggish— with inflation only dropping marginally from 23% to 21% in early 2025.
The Minority is urging the Monetary Policy Committee to act boldly in reducing policy rates and emphasized that economic stability must go hand in hand with transparency, structural reform, and responsible fiscal management.
“Stability must be more than a talking point,” Dr. Amin Adam concluded. “It must deliver real economic relief to Ghanaians.”
