The recent remarks by President John Dramani Mahama, attributing the appreciation of the Ghanaian cedi to robust gross international reserves, have ignited a renewed discussion regarding the true foundation of Ghana's economic stability.

The Minority in Parliament asserts that the current strength of the cedi is primarily a result of the macroeconomic buffers established during the previous New Patriotic Party (NPP) administration.

As of April 2025, Ghana's gross international reserves amount to $10.6 billion, of which $8.98 billion was inherited from the Akufo-Addo/Bawumia government.

"This situation confirms that the current administration is benefiting from prudent economic measures implemented prior to its tenure, rather than introducing new policies to stabilize the currency," the Minority argues.

Finance Minister Dr. Cassiel Ato Forson has acknowledged that the GoldBod program—an initiative focused on the strategic buying and selling of gold to enhance foreign exchange—is a cornerstone of the current foreign exchange strategy.

Conversely, Dr. Mohammed Amin Adam, a prominent figure within the NPP, contends that the National Democratic Congress (NDC) government has merely continued the ambitious policy framework established by its predecessor.

He pointed out that under the NPP, Ghana's gold reserves were significantly expanded—from 8.78 tonnes in May 2023 to 30.53 tonnes by the end of 2024—thereby fueling the Gold for Forex (G4FX) initiative.

"The NDC government is simply capitalizing on a system we developed. They have added less than one metric ton to gold reserves since January 2025, which is concerning," Dr. Amin Adam stated.

He further emphasized the need for transparency in reporting reserve data, highlighting discrepancies and a lack of clarity surrounding recent foreign exchange transactions.

"Ghanaians deserve full disclosure. The Bank of Ghana and GoldBod must reconcile the reserve data and present a comprehensive report to Parliament."

Although the cedi’s appreciation is expected to ease inflation and reduce lending rates, progress remains slow. Inflation has only dropped slightly, from 23% to 21% in early 2025.

The Minority is urging the Monetary Policy Committee to respond with a meaningful reduction in policy rates, while also stressing that broader structural reforms are essential.

“Macroeconomic discipline is important, but it must be matched with transparency, accountability, and real reform. That’s how we ensure currency stability brings tangible benefits to ordinary Ghanaians,” Dr. Amin Adam concluded.