The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has stirred the pot in the ongoing debate over Ghana’s economic recovery, asserting that the recent stability and appreciation of the Ghana Cedi is not a result of current NDC policies but a trend that was firmly established in late 2024 under the NPP administration.
Speaking on Asempa FM’s ‘Ekosiisen’ programme today, January 6, 2026, the lawmaker challenged the narrative that the local currency’s gain is a new phenomenon.
Mr Oppong Nkrumah argued that the foundational work of the previous administration—particularly the “Gold-for-Reserves” strategy—was the primary catalyst for the Cedi’s rebound.
To back his claims, Mr Oppong Nkrumah cited the Bank of Ghana’s (BoG) 2024 Annual Report, specifically pointing to Page 20 under the Foreign Exchange Market section.
He noted that while 2024 was a year of “intermittent pressures”, the tide had already turned before the transition of power.
Quoting the BoG Governor, Dr. Johnson Pandit Asiama, from what he claimed was the report, Mr Oppong Nkrumah highlighted the specific period of recovery:
“The foreign exchange market experienced intermittent pressures during the first three quarters, which led to the cedi depreciating, but recovered in the last quarter. The pressures emanated from increased demand for foreign exchange to support energy-related payments, uncertainties around timelines on the conclusion of the external bond restructuring and cocoa board financing arrangements.”
Crucially, the MP emphasised that the recovery was not accidental but driven by specific NPP-led interventions. He quoted the report further:
“This notwithstanding, the cedi appreciated in the last quarter of 2024 on account of increased commercial banks’ participation in the gold purchase programme for foreign currency, positive sentiments from the progress made in the debt restructuring, and improved liquidity management.”
The MP’s remarks serve as a direct rebuttal to recent claims by NDC spokespersons who have attributed the current exchange rate stability to their superior management of the economy after taking over the government in 2025.
Mr Oppong Nkrumah insisted that the NDC is merely “reaping what the NPP sowed”, particularly the gold-for-currency mechanisms that began in the final quarter of 2024.
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