The Minority New Patriotic Party (NPP) in Ghana has launched a critique of the ruling National Democratic Congress (NDC) government, asserting that the current stability of the Ghanaian cedi is primarily a result of policies implemented during the NPP’s previous tenure. They argue that the NDC is essentially reaping the benefits of the strong macroeconomic foundation laid by the Akufo-Addo/Bawumia administration, rather than implementing any innovative policies of their own. The NPP cites President Mahama’s acknowledgement of Ghana’s $10.6 billion gross international reserves as of April 2025 as evidence, claiming that a significant portion, $8.98 billion, was inherited from the NPP government. This inherited sum, they contend, forms the bedrock of the cedi’s current stability, undermining the NDC’s claims of effective economic management.
The Minority further underscores their argument by pointing to the Gold for Forex (G4FX) program, an initiative involving the exchange of gold for foreign currency. They highlight Finance Minister Cassiel Ato Forson’s comments on the program as an admission that the NDC is relying on policies originally conceived by the NPP, specifically then-Vice President Mahamudu Bawumia. The NPP credits their administration with significantly bolstering Ghana’s gold reserves, increasing them from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024, paving the way for the G4FX initiative and ultimately contributing to the cedi’s stabilization. This, they argue, demonstrates a continuation of NPP policy rather than a novel NDC approach.
However, the Minority also raises concerns regarding discrepancies in the reported reserve data. They question whether the Bank of Ghana (BoG) is engaging in unorthodox foreign exchange operations or if Goldbod, the entity responsible for managing the gold transactions, is failing to fully repatriate export proceeds to the central bank. The NPP calculates that if all earnings were correctly transferred, reserves should be closer to $11.1 billion. This discrepancy, they argue, necessitates transparency and a reconciliation of figures from both the BoG and Goldbod. They emphasize the importance of accurate reporting to ensure accountability and maintain public trust in the management of national reserves.
Furthermore, the NPP critiques the NDC’s economic management, arguing that despite the cedi’s appreciation, inflation has only seen a marginal decline from 23% to 21% between January and April 2025. They contend that true economic stability requires not only currency appreciation but also a significant reduction in inflation to ensure affordability for ordinary Ghanaians. The Minority calls upon the Monetary Policy Committee (MPC) of the BoG to substantially lower the policy rate. This, they believe, will translate currency stability into tangible benefits for citizens, such as lower prices for goods and services and increased access to affordable credit. They argue that focusing solely on currency appreciation without addressing inflation fails to address the real economic challenges faced by the population.
The NPP’s core argument centers on the assertion that the NDC is taking credit for economic gains achieved through the prudent policies implemented during their tenure. They portray the NDC’s approach as one of maintaining the status quo rather than introducing innovative solutions to further enhance economic stability and growth. The NPP emphasizes their commitment to holding the government accountable, ensuring that the hard-won economic progress achieved during their administration is not jeopardized by short-sighted policies or fiscal indiscipline. They frame their critique as a necessary measure to safeguard the nation’s economic future and prevent the erosion of gains achieved through their previous efforts.
In summary, the Minority NPP contends that the current economic stability, particularly the cedi’s strength, is a direct consequence of policies inherited from their administration. They point to the substantial portion of reserves inherited from the NPP, the continued reliance on the G4FX program conceived during their tenure, and the marginal decline in inflation despite currency appreciation as evidence supporting their claims. They also raise concerns about potential discrepancies in reported reserve data, calling for transparency and accountability from the BoG and Goldbod. Ultimately, the NPP’s critique serves as a challenge to the NDC’s narrative of economic management, portraying it as a continuation of NPP policies rather than a new and effective approach. They emphasize their commitment to holding the government accountable and ensuring the long-term economic well-being of Ghana.
