The Minority has argued that President John Dramani Mahama’s recent recognition of Ghana’s $10.6 billion gross international reserves, as of April 2025, underscores the stability of the cedi being largely attributable to the policies of the former New Patriotic Party (NPP) administration.
The group highlighted that a significant portion of the reserves—$8.98 billion—was inherited from the NPP, suggesting that the current National Democratic Congress (NDC) government has not introduced any groundbreaking new measures to stabilize the currency.
In a statement issued on May 21 by Dr. Mohammed Amin Adam, Ranking Member of the Finance Committee, the Minority stressed that the NDC is merely benefiting from the strong economic foundation laid by the Akufo-Addo/Bawumia government.
The statement also pointed to Finance Minister Dr. Cassiel Ato Forson’s comments on the GoldBod program, which utilizes gold to generate foreign exchange, further indicating that the NDC is relying on policies developed by the previous administration.
“The visionary approach of then-Vice President Mahamudu Bawumia, who proposed using Ghana’s gold to support the cedi, continues to benefit the current government,” the statement read.
Additionally, the NPP government’s aggressive expansion of Ghana’s gold reserves, growing from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024, was credited as the cornerstone of the Gold for Forex (G4FX) initiative aimed at currency stabilization.
The Minority also raised concerns about discrepancies in reported reserve data, questioning whether the Bank of Ghana (BoG) was involved in unconventional foreign exchange operations or if Goldbod had failed to fully transfer export earnings to the central bank.
They argued that if these proceeds were correctly repatriated, reserves should be closer to $11.1 billion.
Despite the cedi’s appreciation, inflation had only slightly decreased from 23% to 21% between January and April 2025.
The Minority called on the BoG’s Monetary Policy Committee to significantly reduce the policy rate to translate currency stability into lower prices and more affordable credit for Ghanaians.
The caucus reaffirmed its commitment to holding the government accountable and ensuring that the economic progress achieved through prudent policies is not undermined by short-term political goals or inefficiencies.
