Minority: Mahama’s acknowledgment of reserves validates NPP policies

The Minority has stated that President John Dramani Mahama's recent acknowledgment of Ghana’s $10.6 billion international reserves confirms the cedi's stability. They claim this stability is due to policies from the previous New Patriotic Party (NPP) administration.

The Minority noted that $8.98 billion of these reserves came from the NPP government. They argue that the current National Democratic Congress (NDC) administration has not introduced new policies to stabilize the currency.

In a statement signed by Dr. Mohammed Amin Adam, they emphasized that the NDC benefits from strong macroeconomic buffers built under the Akufo-Addo/Bawumia administration. The Minority also referenced Finance Minister Dr. Cassiel Ato Forson’s comments on the GoldBod program as evidence of reliance on past policies.

“The then Vice President Mahamudu Bawumia thought outside the box,” their statement said. He recognized that Ghana could keep its cedi strong using gold, and this initiative supports the current government.

The NPP government increased Ghana’s gold reserves significantly, from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024. These reserves formed the basis for the Gold for Forex (G4FX) initiative aimed at stabilizing the cedi.

The Minority raised concerns about inconsistencies in reserve data. They questioned whether the Bank of Ghana (BoG) was engaging in unconventional forex operations or if Goldbod was not fully transferring export proceeds to them.

“If these earnings were properly repatriated, reserves should be closer to $