The Minority in Parliament has praised the former New Patriotic Party (NPP) administration led by President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia, stating that their strategic economic measures laid a strong macroeconomic foundation for the stabilisation of the Ghana cedi.
The NPP Parliamentary caucus pointed to former President John Dramani Mahama’s recent remarks, where he attributed the cedi’s appreciation to Ghana’s $10.6 billion in foreign reserves.
The Minority argued that this acknowledgement reinforces the fact that the current NDC government has not implemented any new economic policies to stabilise the cedi, but is instead benefiting from the solid reserves accumulated by the previous NPP regime.
In a statement, Dr. Mohammed Amin Adam, Ranking Member on the Finance Committee of Parliament and former Finance Minister, asserted: “A substantial $8.98 billion of the reserves were inherited from the NPP government.”
Dr. Amin Adam emphasised that the NDC’s widely promoted Gold for Oil and Gold for Forex initiatives are merely a continuation of the gold-for-forex program introduced by the NPP under Dr. Bawumia. The initiative was developed to utilise Ghana’s gold reserves in support of currency stability.
He highlighted that the NPP government increased Ghana’s gold reserves significantly, stating:
“The NPP increased gold reserves from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024, setting a strong anchor for the currency.”
Despite these achievements, the Minority expressed concern that the current administration has not made sufficient progress in foreign reserve accumulation and gold reserve management, adding just $1.6 billion in foreign exchange reserves since January 2025. This, they argue, is inadequate considering the relatively favourable economic conditions in Ghana.
While acknowledging the recent appreciation of the Ghana cedi, the Minority warned that inflation in Ghana remains high at 21%, indicating unresolved structural economic issues beyond currency performance.
“Macroeconomic discipline must be matched with transparency and reform—not rhetoric,” Dr. Amin Adam stated, urging the government to prioritise sound fiscal policies and institutional consistency.
Earlier, Dr. Mahamudu Bawumia criticised the NDC for failing to initiate any significant currency stabilisation policy, stating: “The NDC cannot boast of a single policy it has introduced to stabilise the cedi,” and insisted that “the credit should be given to the previous NPP government for policies it introduced to bring the cedi to this level.”
The statement highlights ongoing political debate over Ghana’s economic management, with particular focus on currency stability, foreign exchange reserves, and the legacy of the NPP’s economic policies under Dr. Bawumia and Nana Addo.
