A bold claim has sparked a political debate in Ghana, with Minister Kojo Oppong Nkrumah refuting the National Democratic Congress' (NDC) assertion that they are the architects of the Ghana cedi's strength in 2025. Nkrumah, the Member of Parliament for Ofoase-Ayirebi, argues that the cedi's rise began earlier than the current administration's tenure.
But here's where it gets controversial: Nkrumah claims the currency's appreciation started in the final quarter of 2024, during the previous government's term. He challenges the government's narrative, stating that the exchange rate was not GH¢17 to the dollar when they assumed power, but closer to GH¢14 on January 7.
The former Minister of Information credits the New Patriotic Party's (NPP) policies, especially the Gold for Reserve (G4R) program, for the cedi's gains. He explains that rising global gold prices, coupled with the G4R initiative, boosted foreign reserves and contributed to the cedi's recovery.
Nkrumah supports his argument with the Bank of Ghana's 2024 Annual Report, signed by Dr. Asiamah, which he believes confirms the timeline of the cedi's appreciation. This report, he says, aligns with his claim that the cedi's improvement began with the implementation of the G4R program and other measures.
And this is the part most people miss: The timing of the cedi's appreciation is a critical point of contention, with political implications. Was it the current administration's policies or the previous government's initiatives that set the stage for the cedi's success? The debate continues, leaving room for interpretation and discussion among Ghanaians.
