Cedi Appreciation Started Under NPP, Not NDC – Oppong Nkrumah
MP Oppong Nkrumah says the cedi’s recovery began under the NPP’s policies, not after the NDC assumed office
- Kojo Oppong Nkrumah disputes NDC claims, saying the cedi’s appreciation started under the NPP in late 2024
- He credits the Gold for Reserves programme and rising global gold prices for strengthening the currency
- The 2024 Bank of Ghana Annual Report supports the timing of the cedi’s recovery, according to Oppong Nkrumah
Kojo Oppong Nkrumah, Member of Parliament for Ofoase-Ayirebi, has refuted claims by the National Democratic Congress (NDC) that it is responsible for the recent strengthening of the Ghanaian cedi, insisting that the gains began under the previous New Patriotic Party (NPP) government.
Speaking on Ekosii Sen on Asempa FM on Tuesday, January 6, Mr. Oppong Nkrumah said the cedi’s upward trend started in the last quarter of 2024, before the NDC assumed office. He challenged assertions that the currency began appreciating only after the government transition.
“First of all, 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.
Oppong Nkrumah credited the NPP-era Gold for Reserves programme and rising global gold prices as key drivers of the cedi’s recovery. The programme, he explained, boosted foreign reserves, creating conditions for the currency to strengthen.
Citing the 2024 Annual Report and Financial Statements of the Bank of Ghana, signed by Governor Dr. Asiamah, he said the document corroborates that the appreciation began while the NPP measures were in effect.
“The report clearly shows that the appreciation started when the Gold for Reserves programme and other initiatives we introduced took effect,” he added.
