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, praised the previous NPP administration. They built a strong macroeconomic foundation that stabilized the Ghanaian cedi.

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

He stated, “A substantial $8.98 billion of the reserves were inherited from the NPP.” Dr. Amin Adam pointed out that the NDC relies heavily on the GoldBod program. This program continues the gold-for-forex strategy introduced by Vice President Mahamudu Bawumia.

The initiative 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.

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.

This is despite favorable economic conditions during this period. Dr. Amin Adam urged transparency and accountability from both Bank of Ghana and Goldbod regarding reported reserves.

He questioned possible off-balance-sheet forex operations as well. While acknowledging cedi appreciation, he expressed concern over high inflation at 21%. This reflects deeper structural issues beyond just improvements in exchange rates.

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