Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has challenged the National Democratic Congress (NDC) government’s claim that it is responsible for the recent strengthening of the Ghanaian cedi.
The former Information Minister insists the cedi’s improvement actually started under the previous New Patriotic Party (NPP) government, not after the NDC took office.
Cedi Gains Started in 2024, Says Oppong Nkrumah
Speaking on Asempa FM’s Ekosii Sen programme on Tuesday, January 6, Mr. Oppong Nkrumah said the cedi began gaining value in the final three months of 2024, before the change of government.
He accused the NDC of providing misleading information about the state of the cedi when they assumed power.
“The government lied that when they came into office, the dollar was at 17 cedis. On January 7, when they took over, the exchange rate was actually about 14 cedis,” he said.
Gold for Reserves Programme Key to Improvement
The Ofoase-Ayirebi MP credited the cedi’s recovery to policies put in place by the NPP administration, especially the Gold for Reserves programme.
He explained that this initiative helped Ghana build up its foreign currency reserves when global gold prices were high, which in turn strengthened the cedi.
“The appreciation of the cedi started in the last quarter of 2024 when the Gold for Reserves programme took effect. Gold prices went up, and we were able to build reserves and even have an excess. That is where the appreciation began,” Mr. Oppong Nkrumah explained.
Bank of Ghana Report Backs Claims
To support his arguments, the former minister referenced the Bank of Ghana’s 2024 Annual Report and Financial Statements.
He said the report, signed by the Bank’s Governor, Dr. Asiamah, confirms that the cedi’s recovery began when the NPP’s economic measures took effect.
“I have the Bank of Ghana’s Annual Report and Financial Statements for 2024 right here. The report clearly shows that the appreciation began when the Gold for Reserves programme and other measures we introduced started working,” he added.
 government's claim that it is responsible for the recent strengthening of the Ghanaian cedi. The former Information Minister insists the cedi's improvement actually started under the previous New Patriotic Party (NPP) government, not after the NDC took office.){kind=link}