Cedi appreciation began under NPP, not NDC

The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has dismissed claims by the National Democratic Congress (NDC) that it is responsible for the recent appreciation of the Ghanaian cedi, insisting that the currency’s gains began under the previous New Patriotic Party (NPP) administration.

Speaking on Ekosii Sen on Asempa FM on Tuesday, January 6, Mr Oppong Nkrumah said the strengthening of the cedi started in the last quarter of 2024, well before the change of government.

According to him, the NDC’s assertion that the cedi began appreciating only after it assumed office is inaccurate, as the upward trend was already evident prior to the transition.

“First of all, the government lied that when they came into office, the dollar was at 17. On January 7, when they took over, the rate was actually about 14,” he stated.

Mr Oppong Nkrumah attributed the currency’s appreciation to measures implemented by the erstwhile NPP administration, particularly the Gold for Reserves programme, which he said helped build foreign reserves at a time of rising global gold prices.

“The appreciation of the cedi started in the last quarter of 2024 when the Gold for Reserves programme took effect, gold prices rallied, and we were able to build reserves and even have an excess. That is where the appreciation began,” he explained.

To back his claims, the former Information Minister cited the 2024 Annual Report and Financial Statements of the Bank of Ghana, noting that the document supports his argument on the timing of the cedi’s recovery.

“I have here the Annual Report and Financial Statements 2024 of the Bank of Ghana, signed by the Governor, Dr. Asiamah. The report clearly shows that the appreciation began when the Gold for Reserves programme and other measures we introduced took effect,” he added.