The Minority in Parliament has lauded what it calls a tacit admission by President John Mahama and his Finance Minister that the recent appreciation of the Ghana cedi is largely due to policy measures and reserves built under the previous New Patriotic Party (NPP) administration.
According to the Minority, President Mahama’s credit to Ghana’s gross international reserves reported at $10.6 billion as of April 2025, is evidence that the NDC government is reaping the benefits of prudent macroeconomic policies laid down by its predecessor.
“Of this amount, a substantial $8.98 billion was inherited from the NPP government,” a statement signed by the Ranking Member on the Finance Committee, Dr. Mohammed Amin Adam, said on Wednesday.
“This reaffirms that the current administration has not introduced any fundamentally new or innovative measures to stabilise the cedi.”
The Minority contends that key policy frameworks such as the Gold for Forex (G4FX) initiative and the gold reserve accumulation programme were strategic innovations rolled out by the Akufo-Addo-Bawumia administration in response to the 2022 economic crisis.
President Mahama’s acknowledgment, along with recent remarks by Finance Minister Ato Forson describing GoldBod’s gold-for-forex scheme as a strategic currency tool, forms part of what the Minority says is a broader confirmation of the NPP’s foresight in economic management.
“The Vice President at the time, Dr. Mahamudu Bawumia, thought out of the box. He saw that it was possible to keep our cedi strong and stable using Ghana’s gold,” the statement read.
The Minority also noted that by the end of 2024, the Bank of Ghana had increased the nation’s gold reserves from 8.78 tonnes in May 2023 to 30.53 tonnes, while achieving an import cover of four months—above the IMF’s benchmark.
These moves, they argue, gave the central bank room to intervene in the forex market and boost currency stability.
The Minority criticised the current NDC administration for what it describes as underwhelming performance in gold accumulation and forex reserve management.
Since January 2025, the statement claims, the government has added less than one metric ton to the country’s gold reserves.
“Even with improved cocoa export receipts, higher global gold prices, and increased remittances, the NDC government has only added $1.6 billion to Ghana’s reserves over four months,” the statement noted, calling into question the government’s commitment to transparency in forex operations.
Dr. Adam further raised red flags over inconsistencies in reported reserve data and called on the Bank of Ghana and GoldBod to clarify discrepancies.
He cited Article 184 of the 1992 Constitution, which requires a detailed account of foreign exchange transactions to be submitted to Parliament.
Despite the appreciation of the cedi, the Minority expressed concern that the benefits have not translated into lower inflation or interest rates. Ghana’s inflation only marginally declined from 23 per cent in January to 21 per cent in April 2025.
As the Bank of Ghana’s Monetary Policy Committee meets this week, the Minority is calling for a significant policy rate reduction and structural reforms to ensure ordinary Ghanaians feel the impact of currency stability.
“We remain committed to holding the government accountable and ensuring that the gains earned through years of prudent policymaking are not eroded by short-term optics or indiscipline,” the statement added.
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