Akufo-Addo’s $8.9bn reserves key to Cedi stability – Amin Adam

Finance Minister, Dr. Mohammed Amin Adam, has attributed Ghana’s current exchange rate stability to the substantial international reserves left by the Nana Addo Dankwa Akufo-Addo administration.
Delivering the opposition New Patriotic Party’s (NPP) True State of the Nation address organized by the Minority Caucus at Parliament House, Dr. Amin Adam stated that the $8.9 billion gross international reserves inherited by the current administration played a crucial role in maintaining the stability of the Ghanaian cedi.
“The rate of 6.5 percent depreciation we have witnessed to date in 2025 is not informed by any sustainable strategies by the current government,” he remarked while addressing the Parliamentary Press Corps.
He further asserted that the present stability in the exchange rate was due to heavy intervention by the Bank of Ghana in the currency market, made possible by the reserves left by the previous administration.
“The current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market,” Dr. Amin Adam noted.
According to him, the Mahama administration and the Bank of Ghana have been able to intervene in the foreign exchange market due to the substantial reserves inherited from the Akufo-Addo government.
“The Mahama administration and the Central Bank can do this, but this is happening only because the previous administration left a gross international reserve of $8.9 billion by the end of 2024. This is being used to shore up the value of the cedi,” he explained.
Dr. Amin Adam emphasized that the exchange rate stability was not a result of new policies by the current government but rather the reserves left by the previous administration.
“Fellow Ghanaians, the true state of the nation is that exchange rate stability… is not by any magic from the Mahama government. It is because the Akufo-Addo government left significant levels of international reserves for them,” he declared.
The comments by the former Finance Minister add to the ongoing debate on the economic strategies of the current administration, as analysts continue to assess the sustainability of Ghana’s economic stability.