‘Cedi No Apicki, But Abochi Get the Dollar’- Minority Responds to Claims on Forex

The minority in Parliament has strongly contested claims made in the 2025 Mid-Year Budget Review regarding Ghana’s foreign exchange reserves, currency stability, and the performance of the Ghana cedi, accusing the government of misleading the public and misrepresenting inherited economic gains.

In a statement released following the presentation of the mid-year review, the minority argued that the government is “desperately attempting to take undue credit” for international reserve levels that were largely inherited from the previous administration.

“The minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” the group stated.

They pointed out that of the reported US$11.12 billion in foreign exchange reserves, at least US$8.9 billion was left behind by the Mahama-led National Democratic Congress government in 2024. According to them, the current administration is merely benefitting from prudent measures initiated under their watch.

In addition, the Minority drew attention to what they called “inconsistencies” between President Mahama and the Finance Minister regarding gold export data and related revenues, particularly those involving the Ghana Goldbod. They called for a full audit and public scrutiny of the Goldbod’s operations, citing concerns about transparency.

“This apparent contradiction… calls for proper scrutiny of the work of the Goldbod,” the statement emphasised.

Touching on the stability of the Ghana cedi, the Minority pushed back on the Finance Minister’s claim that “cedi no apicki,” describing it as misleading amid ongoing dollar shortages, frequent central bank interventions, and sustained pressure on the local currency.

“Perhaps the minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’ as Mr. Isaac Adongo once said,” the statement quipped, underscoring the disconnect between government rhetoric and economic reality.

The group referenced a recent International Monetary Fund (IMF) advisory, which urged Ghana to adopt a more transparent and rules-based foreign exchange intervention policy—something the Minority says is still lacking under the current administration.

As part of their broader critique, the minority called for a return to long-term economic strategies that prioritise local production, reduce import dependency, and clamp down on black-market forex activities—factors they argue are essential to achieving true cedi stability and economic resilience.

They reaffirmed their commitment to policies that deliver sustainable results, insisting that political spin and selective accounting would not shield Ghanaians from the real economic pressures they face daily.

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