Nhyiaeso MP slams NDC over ‘Selective Credit’ for Cedi gains

Dr. Stephen Amoah, MP for Nhyiaeso and former Deputy Finance Minister, criticized the NDC government. He accused them of selective credit-taking regarding improvements in the Ghanaian cedi.

Dr. Amoah stated that if the NDC claims credit for currency gains, they must also accept responsibility for energy sector issues. He spoke on Citi FM’s Eyewitness News on May 21.

He expressed concern about an unfair narrative that downplays the NPP's economic recovery efforts. Meanwhile, it blames them for ongoing problems like power outages.

“They should take credit for the energy crisis too,” he said. “When it comes to dumsor, they say we just came to power.”

Dr. Amoah attributed the cedi’s stability to policies from the previous NPP administration. These included reforms in cocoa syndication and strong fiscal measures.

He noted that cocoa prices are high on the international market now. The NPP domesticated cocoa syndication, directing funds to Ghanaian banks.

“This led to an accumulation of dollars in our systems,” he explained. He emphasized factors like trade balance and investor confidence as crucial for exchange rates.

Dr. Amoah argued that Ghana's current economic performance is built on the NPP's foundation. This includes achievements that secured IMF approval and funding.

“Last quarter of 2024, our GDP grew to almost 6%,” he stated. “If we hadn’t been fiscally disciplined, we wouldn’t have received those credits.”

He dismissed claims that early spending restraint reflects a governance choice. Instead, he suggested it results from ongoing government transition.

“You are not spending because you are forming your government structure,” Dr. Amoah noted.

He concluded by asserting that current economic gains stem from groundwork laid during the NPP’s final stages in office. “Everything we enjoy now comes from last quarter’s proceeds,” he added.