Minority Leader Alexander Afenyo-Markin has downplayed suggestions that the recent appreciation of the Ghana Cedi is solely the result of the Mahama-led administration’s policies, describing such claims as misleading and politically opportunistic.
Mr. Afenyo-Markin acknowledged the recent gains of the local currency but insisted that the foundations for the current stability were laid under the previous New Patriotic Party (NPP) government.
“Indeed, from January through to June, the Cedi strengthened significantly, which the Minister touts as unprecedented,” he said on the floor of Parliament on Thursday, July 31, during a debate following the presentation of the 2025 Mid-Year Budget Review by Finance Minister Dr. Cassiel Ato Forson.
“We do welcome a stronger Cedi — we, on this side [Minority], welcome a stronger Cedi. It eases the burden on import costs and brings some price relief to Ghanaians. However, claiming this as proof of some unique NDC progress is misleading.”
The Effutu MP argued that the appreciation of the Cedi was influenced by multiple external and inherited factors, including renewed investor confidence stemming from Ghana’s ongoing International Monetary Fund (IMF) programme and a significantly improved fiscal outlook — a process he claimed began before the change of government.
“A major factor is renewed investor confidence and inflows resulting from the IMF programme and improved fiscal outlook — a trajectory set in motion last year,” the Minority Leader stated.
Mr. Afenyo-Markin also pointed to Ghana’s strong gold exports and remittance inflows in late 2024 as additional contributors to the Cedi’s performance.
He accused the NDC of publicly downplaying the previous government’s economic interventions while quietly acknowledging them in official engagements with the IMF.
“Mr. Speaker, let me remind the NDC: whereas they have denied the successes of the NPP in laying the foundation, they have quietly indicated that in their report to the IMF.
“That is why recently the IMF exposed you — that you have acknowledged that the stability we find today is as a result of the foundation laid by the Akufo-Addo government,” he asserted.
Prince Adu-Owusu
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