Tano North MP credits Bawumia, NPP for strong reserves buffering Cedi

Dr. Gideon Boako, MP for Tano North, praised the former NPP government. He credited Dr. Mahamudu Bawumia for building strong foreign reserves. These reserves currently support the Ghanaian Cedi.

In response to NDC's Sammy Gyamfi, Dr. Boako rejected claims of economic mismanagement. He stated that the current government's foreign exchange success stems from previous planning.

Dr. Boako noted that the NPP focused on strengthening gold and international reserves. This was done before stabilizing the cedi through interventions.

He acknowledged that injecting dollars is not a long-term solution. However, he emphasized that it relies on reserves built by the NPP.

Under an IMF agreement, Ghana initially had limits on market interventions. The country could only intervene with $60-$80 million monthly. By December 2024, the NPP exceeded IMF benchmarks for import cover.

This achievement lifted restrictions on market interventions. Dr. Boako explained this allowed the current government to inject gold proceeds into the market.

He expressed concern about depleting reserves without rebuilding them for future needs. "The current government does not seem focused on building reserves," he said.

Dr. Boako urged a forward-looking approach similar to the previous administration's strategy. He called for continued efforts to protect the economy from future shocks.

He concluded by asking critics to recognize Dr. Bawumia's foresight and contributions. "Thank Bawumia and the NPP for building solid reserves," he said, urging gratitude instead of ingratitude.