Finance Minister Dr. Cassiel Ato Forson, in the 2025 Mid-Year Fiscal Policy Review, hailed the cedi’s performance—up 30.3% against the pound and 25.6% against the euro—as historic, contrasting it with 2024’s 18.6% depreciation, per Ghana News Agency. Yet, Boadu’s critique highlights ongoing economic challenges. The Ghana cedi appreciation debate questions government priorities.

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“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” the Minority noted in a press statement.

According to them, the reported US$11.12 billion in international reserves includes US$8.9 billion that was inherited from the New Patriotic Party (NPP) administration in 2024.

The group also highlighted conflicting figures presented by the Finance Minister and former President John Mahama regarding gold exports and revenue—raising red flags about transparency in the operations of the Ghana Goldbod (Gold Buying Programme).

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

Concerns also focused on the Ghanaian cedi, which remains under pressure despite official claims of stabilization. The Minority noted ongoing dollar shortages and large-scale Bank of Ghana interventions.

“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’ as Hon. Isaac Adongo once said.”

Citing a recent IMF caution, the Minority called for a transparent, rule-based FX intervention framework to ensure market confidence. They also urged structural reforms to boost local production, reduce reliance on imports, and clamp down on the growing black market.

source: myjoyonline