Minority Leader Alexander Afenyo-Markin has pushed back against assertions that the recent appreciation of the Ghana cedi is entirely due to policies implemented by the Mahama-led administration, calling such claims “misleading and politically opportunistic.”
Addressing Parliament on Thursday, July 31, during the debate on the 2025 Mid-Year Budget Review, the Effutu MP welcomed the currency’s performance but insisted that the groundwork for its current stability was laid under the previous New Patriotic Party (NPP) government.
“Indeed, from January through to June, the cedi strengthened significantly, which the minister touts as unprecedented,” Afenyo-Markin said. “We, on this side, welcome a stronger cedi. It eases the burden on import costs and brings some price relief to Ghanaians. However, claiming this as proof of some unique NDC progress is misleading.”
According to the Minority Leader, the appreciation is due to a confluence of factors—many of which predate the current government’s tenure. He cited renewed investor confidence, strong remittance inflows, and high gold export earnings in late 2024 as key drivers.
He also credited Ghana’s engagement with the International Monetary Fund (IMF), noting that much of the recent economic stability stems from momentum generated before the transition of power.
“A major factor is renewed investor confidence and inflows under the IMF program and improved fiscal outlook—a trajectory set in motion last year,” he stated.
Afenyo-Markin went further to accuse the NDC of duplicity, alleging that while the party publicly downplays the NPP’s economic legacy, it has quietly acknowledged it in official communications with the IMF.
“Mr. Speaker, let me remind the NDC that, whereas they have denied the successes of the NPP in laying the foundation, they have quietly indicated that in their report to the IMF. That is why recently the IMF exposed you, that you have acknowledged that the stability we find today is as a result of the foundation laid by the Akufo-Addo government,” he argued.
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