Mahmaa has vindicated the NPP on Cedi appreciation - Amin Adam

President John Dramani Mahama recently acknowledged the appreciation of the Ghanaian cedi. He attributed this to strong gross international reserves. This validates the economic policies of the previous NPP administration.

As of April 2025, Ghana's reserves are $10.6 billion. Of this amount, $8.98 billion was inherited from the NPP government. This shows that the current NDC administration benefits from strong macroeconomic buffers established under Akufo-Addo and Bawumia.

Finance Minister Ato Forson confirmed that the GoldBod program is crucial for currency stability. This program involves buying and selling gold for foreign exchange.

Dr. Amin Adam stated that the NDC government continues the policy shift started by the NPP. This shift leverages Ghana’s gold reserves against currency depreciation.

Between May 2023 and December 2024, the NPP administration built gold reserves significantly. They increased from 8.78 to 30.53 tonnes, supporting the Gold for Forex initiative.

However, the Minority is concerned about inconsistencies in reserve data. They note that under the NDC government, less than one metric ton has been added since January 2025.

Dr. Amin Adam called for transparency in reporting these figures. He urged the Bank of Ghana and Goldbod to reconcile their data and report to Parliament.

“Ghanaians deserve transparency and accountability,” he said, “to sustain gains made on the cedi.”

While cedi appreciation should lower inflation and interest rates, inflation has only slightly decreased from 23% to 21%. The Minority expects significant reductions in policy rates but warns of deeper structural challenges ahead.

Dr. Amin Adam concluded with a call for macroeconomic discipline paired with transparency and reform. He emphasized that real economic benefits must follow currency stability for Ghanaians.