Just four months into the administration of the National Democratic Congress (NDC), the local currency, the Ghanaian Cedi, has shown notable appreciation against major foreign currencies, particularly the U.S. dollar.
Despite this development, the opposition New Patriotic Party (NPP) appears skeptical about the effectiveness of the NDC’s economic policies.
Under the leadership of President John Dramani Mahama and the economic management of Finance Minister Dr. Cassiel Ato Forson, the Cedi has seen a resurgence that many economists have linked to domestic policy reforms.
Key among these initiatives is the establishment of the Ghana GoldBoard, aimed at tightening oversight over gold trading and curbing illegal transactions. The Board is currently being managed by Sammy Gyamfi, who is serving as Acting CEO.
However, the NPP—whose previous administration faced heavy criticism for a historic depreciation of the Cedi, reaching lows of GH₵17 to the dollar—has dismissed the recent currency gains as a consequence of international factors rather than local policy decisions.
In a public statement, the NPP’s 2024 Health Manifesto spokesperson, Dr. Ekua Amoakoh, suggested that the Cedi’s performance is tied more closely to favorable U.S. trade policies than to any local intervention.
“When Donald Trump finally puts his acts together and the Cedi begins to depreciate, we’ll show the NDC videos of everything they are saying now,” Dr. Amoakoh said, implying that the NDC may soon have to face the same scrutiny they now place on the NPP.
Former Vice President and NPP flagbearer Dr. Mahamudu Bawumia has also drawn criticism from several economic analysts for allegedly attempting to take credit for the recent stabilization of the Cedi, despite not being in office.
Currently, the country international debt has been reduced by over 10% as a results of the cedis appreciation of over 17%.
Source : www.kumasimail.com
