'The cedi suffered a catastrophic collapse under your watch' - Kwakye Ofosu to minority

Minister for Government Communications, Felix Kwakye Ofosu, has accused the Minority of attempting to distance themselves from the sharp depreciation of the Ghanaian Cedi during their tenure.

Speaking during the 2026 Budget debate in Parliament on November 18, 2025, he said the previous administration left behind a currency that had undergone severe collapse.

“Mr Speaker, the Ghanaian Cedi suffered a catastrophic collapse under the watch of our colleagues on the other side,” he said.

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He described the depreciation as historic, noting that by the time the former government left office, the local currency had lost substantial value against major international currencies.

Kwakye Ofosu explained that this level of currency weakness had ripple effects across the economy, affecting businesses, investors, and ordinary citizens alike.

He disclosed that some forex bureaus were selling the US dollar for GH¢17 when the Minority exited office, calling it clear evidence of mismanagement.

Kwakye Ofosu added that exchange rate performance is a measurable indicator of economic health and cannot be ignored or rewritten in political debates.

“Economic analysis relies on metrics that are not subject to interpretation or opinion,” he said, arguing that the Minority must take responsibility for the currency’s depreciation.

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He urged the Minority to approach the budget debate with honesty about the state of the economy they left behind.

“The record speaks for itself, and they must accept the consequences of their own stewardship,” Kwakye Ofusu indicated.

I contributed to the debate on the 2026 Budget Statement in Parliament today. pic.twitter.com/E7alsohRDH

— Felix Kwakye Ofosu (@FelixKwakyeOfo1) November 18, 2025

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