Minority Leader Alexander Afenyo-Markin has pushed back against claims by Finance Minister Dr. Cassiel Ato Forson that the recent appreciation of the Ghanaian cedi is unprecedented.
He argued that the former New Patriotic Party (NPP) administration had already laid the groundwork for the currency’s stability before leaving office.
Speaking during the 2025 Mid-Year Budget Review debate in Parliament on Thursday, July 31, Mr. Afenyo-Markin acknowledged the cedi’s current gains but stressed that the broader context must not be overlooked.
“Mr. Speaker, the Finance Minister celebrated the cedi’s performance, proudly declaring ‘cedi no apicki’, and claiming this level of appreciation has never happened before,” he said. “But we must ask — what are the real drivers behind this, and is it sustainable?”
He pointed out that the Mid-Year Review failed to acknowledge the global economic factors that caused the cedi’s steep decline in 2022.
“In 2022, global conditions, including the U.S. Federal Reserve’s aggressive rate hikes and the Russia-Ukraine conflict, created immense pressure on emerging economies — Ghana included,” he explained.
He also argued that the cedi’s recovery had already begun under the NPP administration, citing policy measures such as the IMF agreement, debt restructuring, and the Gold-for-Oil programme.
“By the end of 2024, the cedi had stabilised, with depreciation slowing to just 19% year-on-year against the dollar — a significant turnaround from earlier declines,” he noted.
Mr. Afenyo-Markin emphasised that the current NDC government, led by President John Mahama, inherited a recovering economy — not a collapsing one.
“When this government assumed office in January 2025, they took over a stabilising cedi. The foundation had already been laid, and that must be acknowledged,” he concluded.
Source: AdomOnline
READ ALSO:
