The Minority in Parliament has lauded the erstwhile New Patriotic Party (NPP) administration under Akufo-Addo/Bawumia, claiming the administration built a strong macroeconomic foundation to stabilise the Ghana cedi.
The caucus says President Mahama’s recent admission that the cedi’s appreciation is linked to the country’s $10.6 billion foreign reserves confirms NDC government has not introduced any new policy innovations to warrant the feat but rather the benefits from reserves accumulated by the NPP.
In a statement issued by the Ranking Member on the Finance Committee of Parliament and former Finance Minister, Dr. Mohammed Amin Adam, he said “a substantial $8.98 billion of the reserves were inherited from the NPP government.”
According to Dr. Amin Adam, the Goldbod programme which the NDC administration has relied heavily on, is a continuation of the gold-for-forex strategy introduced by the NPP under Vice President Mahamudu Bawumia.
This initiative was designed to leverage Ghana’s gold reserves to stabilise the local currency.
Dr. Amin Adam avers that 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.
However, the Minority believes the government has underperformed in building reserves and accumulating gold, criticising the administration for adding only US$1.6 billion to the foreign exchange reserves since January 2025, despite the favourable economic conditions.
While acknowledging appreciation of the cedi, the Minority expressed concern that inflation remains high at 21%, reflecting deeper structural issues beyond exchange rate improvements.
“Macroeconomic discipline must be matched with transparency and reform—not rhetoric,” Dr. Amin Adam said, urging the government to focus on sustaining gains through prudent policies and institutional continuity.
Prior to the statement from the Minority, the Vice President, Dr. Mahamudu Bawumia, had indicated that the NDC cannot boast of a single policy it has introduced to stabilise the cedi, stating that the credit should be given to the previous NPP government for policies it introduced to bring the cedi to this level.
