Mahama’s remarks on Cedi vindicate NPP's economic legacy - Minority

The Minority in Parliament has praised President John Mahama and Finance Minister Ato Forson. They believe the recent rise of the Ghana cedi is due to policies from the previous New Patriotic Party (NPP) administration.

The Minority points to Ghana's gross international reserves, which are $10.6 billion as of April 2025. They argue this shows the NDC government benefits from prudent macroeconomic policies established by the NPP.

A statement from Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee, noted that $8.98 billion was inherited from the NPP government. This suggests that the current administration has not introduced new measures to stabilize the cedi.

They highlight key initiatives like Gold for Forex (G4FX) and gold reserve accumulation as innovations from the Akufo-Addo-Bawumia administration during a 2022 economic crisis.

President Mahama’s acknowledgment and Ato Forson's remarks about GoldBod’s scheme confirm what the Minority sees as NPP's foresight in economic management. The statement praised former Vice President Dr. Mahamudu Bawumia for his innovative thinking regarding currency stability using gold.

By late 2024, Bank of Ghana increased gold reserves from 8.78 tonnes in May 2023 to 30.53 tonnes. This also provided an import cover of four months, exceeding IMF benchmarks and allowing central bank interventions in forex markets.

However, the Minority criticized the current NDC administration for poor performance in gold accumulation and forex reserve management. Since January 2025, they claim less than one metric ton has been added to gold reserves.

Despite improved cocoa exports and higher global gold prices, only $1.6 billion was added to reserves over four months. This raises concerns about transparency in forex operations under the current government.

Dr. Adam called attention to inconsistencies in reported reserve data and urged clarification from Bank of Ghana and GoldBod. He referenced Article 184 of the 1992 Constitution requiring detailed accounts of foreign exchange transactions submitted to Parliament.

Despite cedi appreciation, inflation remains a concern for the Minority. Inflation slightly decreased from 23% in January to 21% in April 2025 without significant impact on interest rates.

As Bank of Ghana’s Monetary Policy Committee meets this week, they urge a policy rate reduction and structural reforms for ordinary Ghanaians to benefit from currency stability.

The statement concluded with a commitment to hold the government accountable for maintaining gains achieved through prudent policymaking.