The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has argued that the recent gains in the value of the Ghanaian cedi predate the current NDC administration, insisting that the recovery started in 2024 under the previous NPP government.

Speaking on Asempa FM’s Ekosii Sen programme, Mr Oppong Nkrumah said that at the time the NPP exited office on January 7, 2025, the cedi was trading at about 14 to the dollar.

He explained that the turnaround in the currency’s performance began in the final quarter of 2024, citing a Bank of Ghana report which, he said, confirmed the trend.

According to him, the recovery was largely driven by the government’s Gold-for-Reserves programme, supported by rising global gold prices and increased participation by commercial banks in the gold purchase scheme for foreign exchange.

“When we were leaving office on January 7, the exchange rate was 14. The appreciation began in the last quarter of 2024, driven by the Gold-for-Reserves programme and the rally in gold prices,” he stated.

Mr Oppong Nkrumah noted that the initiative helped the country build excess reserves, strengthening the cedi and contributing to its appreciation in the final months of 2024.

He maintained that the Bank of Ghana’s own report affirmed that the cedi recovered and gained value during that period due to heightened involvement by commercial banks in the gold-for-foreign-currency programme.