The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has asserted that the recent appreciation of the Ghanaian cedi commenced during the New Patriotic Party (NPP) administration in 2024, rather than under the subsequent National Democratic Congress (NDC) government.
In an interview on Asempa FM’s Ekosii Sen programme, Oppong Nkrumah clarified that the cedi was trading at GH¢14 to the US dollar when the NPP handed over power on January 7, 2025.
He attributed the currency’s recovery to initiatives implemented in the final quarter of 2024, particularly the Gold-for-Reserves programme, which was bolstered by a surge in global gold prices.
“This allowed us to build up excess reserves. The Bank of Ghana report confirmed that the cedi recovered and appreciated during the last quarter due to increased participation from commercial banks in the gold purchase programme for foreign currency,” Oppong Nkrumah explained.
The former Information Minister emphasized that the programme’s success in attracting more commercial bank involvement played a pivotal role in stabilizing the cedi before the transition of power.