In a strongly worded press release issued on Tuesday, May 21, 2025, the Minority in Parliament has claimed full credit for the recent appreciation of the Ghanaian cedi, stating that the current NDC government is simply riding on the economic groundwork laid by the previous New Patriotic Party (NPP) administration.
The statement, signed by the Ranking Member of the Finance Committee, Dr. Mohammed Amin Adam, MP, argued that President Mahama’s recent acknowledgement of the $10.6 billion in gross international reserves is a direct testament to the solid foundation built under the Akufo-Addo/Bawumia administration.
According to the Minority, a significant portion of the reserves $8.98 billion was inherited by the current government, making the NDC’s claims of macroeconomic success “misleading.”
“The stability of the cedi is anchored in the robust foreign reserve buffer built under the previous NPP administration,” the statement read.
The release also took aim at Finance Minister Dr. Ato Forson’s praise of the GoldBod programme, which involves trading gold for foreign exchange. The NPP insists this initiative was not an innovation by the NDC but rather a continuation of its “Gold for Forex (G4FX)” policy, originally spearheaded by then-Vice President Dr. Mahamudu Bawumia during the 2022 economic crisis.
“President Mahama and his Finance Minister concede that the NDC government has not introduced any new policy to support the local currency,” the statement continued. “What they have done is to simply implement the seismic policy shift introduced by the NPP.”
Dr. Amin Adam noted that under the NPP, Ghana’s gold reserves surged from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024 moves that laid the foundation for the Gold for Oil Programme and forex interventions.
In contrast, the Minority criticized the current administration for lacklustre performance in building up reserves, pointing out that only about one metric ton of gold was added between January and April 2025. Despite favourable global conditions like improved cocoa receipts and strong remittance inflows, the NDC government has managed to add only $1.6 billion to the country’s reserves, the statement observed.
The press release further questioned inconsistencies in Ghana’s reserve figures. With Goldbod reporting $2.7 billion in small-scale gold exports for the first four months of 2025, and an injection of $590 million into the FX market in April alone, the Minority argued that Ghana’s reserves should be closer to $11.1 billion not the $10.6 billion reported.
“Is the BoG engaging in off-balance-sheet or unconventional forex operations? Or is the Goldbod failing to fully transfer export proceeds to the central bank?” the statement asked, demanding full transparency from the Bank of Ghana and Goldbod in line with Article 184 of the Constitution.
“With the Monetary Policy Committee of the Bank of Ghana meeting today, we expect the policy rate to significantly reduce,” Dr. Amin Adam stated, adding that “macroeconomic discipline must be matched with transparency and reformnot rhetoric.”
The Minority concluded by reiterating its commitment to holding the NDC administration accountable and ensuring that the legacy of prudent policymaking under the NPP is preserved.
