'Cedi started performing when NPP was in power' - Oppong Nkrumah claims

The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has rejected claims by the National Democratic Congress (NDC) that it is responsible for the strengthening of the Ghana cedi in 2025.

Speaking in an interview on Asempa FM on January 6, 2026, Oppong Nkrumah argued that the currency’s appreciation began in the last quarter of 2024, well before the current administration took office.

He also contested the government’s claim that the exchange rate was at GH¢17 to the dollar when they took over, clarifying that the rate on January 7 was approximately GH¢14.

“The government lied that when they came into office, the dollar was at 17. On January 7, when they took over, the rate was actually about 14," he stated.

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The former Minister of Information attributed the cedi’s gains to policies implemented by the previous New Patriotic Party (NPP) government, particularly the Gold for Reserve (G4R) programme.

According to him, the initiative helped boost foreign reserves amid rising global gold prices.

“The appreciation of the cedi started in the last quarter of 2024 when the Gold for Reserves programme took effect, gold prices rallied, and we were able to build reserves and even have an excess. That is where the appreciation began,” he explained.

He referenced the Bank of Ghana’s 2024 Annual Report and Financial Statements, which he said confirm the timeline of the currency’s recovery.

“I have here the Annual Report and Financial Statements 2024 of the Bank of Ghana, signed by the Governor, Dr Asiamah. The report clearly shows that the appreciation began when the Gold for Reserves programme and other measures we introduced took effect,” he added.

ID/AE