Minority credits Akufo-Addo/Bawumia gov’t for Cedi stability, questions NDC’s economic innovations

The Minority in Parliament, led by Dr. Mohammed Amin Adam, has praised the previous NPP administration. They credited it with building a strong macroeconomic foundation that stabilized the Ghanaian cedi.

Dr. Amin Adam noted President Mahama's recent admission. He said the cedi’s appreciation is linked to $10.6 billion in foreign reserves. This confirms that the current NDC government benefits from reserves accumulated by the NPP.

He highlighted that $8.98 billion of these reserves were inherited from the NPP government.

Dr. Amin Adam pointed out that the current NDC government relies on the GoldBod program. This program continues the gold-for-forex strategy introduced by the NPP under Vice President Mahamudu Bawumia. It aims to use Ghana’s gold reserves to stabilize the local currency.

The NPP increased gold reserves significantly, from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024. This set a strong anchor for the currency.

However, the Minority criticized the NDC for underperforming in building reserves and accumulating gold. Since January 2025, they have added less than one metric ton of gold and only about $1.6 billion to foreign exchange reserves despite favorable economic conditions.

Dr. Amin Adam called for transparency and accountability from both Bank of Ghana and GoldBod regarding reported reserves discrepancies. He questioned possible off-balance-sheet forex operations.

While acknowledging cedi appreciation, the Minority expressed concern over high inflation at 21%. They believe this reflects deeper structural issues beyond just exchange rate improvements.

Dr. Amin Adam emphasized that macroeconomic discipline must be matched with transparency and reform—not just rhetoric. He urged the government to focus on sustaining gains through prudent policies and institutional continuity.