The recent appreciation of the Ghanaian cedi has sparked a debate about the country’s economic policies. President Mahama attributed the cedi’s stability to the country’s robust gross international reserves, which stood at $10.6 billion as of April 2025. Apexnewsgh reports
However, a closer look at the figures reveals that a substantial $8.98 billion of these reserves was inherited from the previous New Patriotic Party (NPP) administration.
The Minority in Parliament, led by Dr. Amin Adam, argues that the current National Democratic Congress (NDC) administration has benefited from the strong macroeconomic buffers established under the Akufo-Addo/Bawumia era. The NPP administration’s prudent economic policies, including the aggressive build-up of gold reserves, have provided a foundation for the current government’s economic stability.
The GoldBod programme, which involves buying and selling gold for foreign exchange, remains a key tool for achieving currency stability. Dr. Amin Adam emphasized that the NDC government has merely continued the policy shift introduced by the NPP to leverage Ghana’s gold reserves as a strategic weapon against currency depreciation.
However, the Minority is concerned about inconsistencies in reserve data and the slow pace of gold accumulation under the NDC government. Since January 2025, the government has added less than one metric ton to gold reserves. Dr. Amin Adam called for transparency, urging the Bank of Ghana and Goldbod to reconcile these figures and provide Parliament with a full account of forex movements.
While the cedi’s appreciation is a positive development, the Minority expects the Monetary Policy Committee to reduce policy rates significantly.
However, Dr. Amin Adam warned that deeper structural challenges remain, and macroeconomic discipline must be matched with transparency and reform, not rhetoric. “Ghanaians deserve transparency and accountability to sustain the gains made on the cedi,” he said, emphasizing the need for real economic benefits to trickle down to the people.
Source: Apexnewsgh.com
