The Minority in Parliament has challenged claims made by the Finance Minister, Dr. Cassiel Ato Forson, in the mid-year budget review about Ghana’s foreign exchange reserves and the cedi performance.
Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson declared, “Cedi no apicki,” highlighting the cedi’s stability and appreciation in recent months.
According to him, the local currency is gaining strength against major foreign currencies, particularly the U.S. dollar and the British pound.
However, at a press conference on Tuesday, former Finance Minister and Karaga MP, Dr. Mohammed Amin Adam rejected the assertion, insisting that the reality for many Ghanaians is still dollar scarcity and heavy intervention by the Bank of Ghana.
“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar, as Mr Adongo once said,” he mocked.
Quoting an IMF advisory, the Minority called for a transparent, rule-based framework for foreign exchange interventions.
He also accused the government of taking undue credit for achievements inherited from the previous administration.
“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” he said.
He contended that the reported US$11.12 billion in international reserves includes as much as US$8.9 billion handed over by the NPP government in 2024.
The lawmaker further highlighted what they described as troubling inconsistencies between the Finance Minister and President Mahama on gold export figures and revenues, raising questions about the transparency of the Ghana Goldbod’s operations.
“This apparent contradiction calls for proper scrutiny of the work of the Goldbod,” the statement noted.
Meanwhile, the Caucus has reaffirmed their support for long-term structural solutions, including boosting local production and implementing reforms to reduce pressure on the cedi from the black market and rising imports.
Source: Ernest K. Arhinful
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