The Minority in Parliament has disputed claims made in the mid-year budget review regarding Ghana’s foreign exchange reserves and current account performance.
According to the group, the government is attempting to take credit for gains inherited from the previous administration.
“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” the press statement noted.
They claimed that the reported US$11.12 billion in international reserves includes US$8.9 billion passed down from the NPP government in 2024.
They further questioned inconsistencies between the Finance Minister and President Mahama over gold exports and revenue figures, suggesting a lack of transparency in the operations of the Ghana Goldbod.
“This apparent contradiction… calls for proper scrutiny of the work of the Goldbod,” the Minority argued.
Concerns were also raised about Ghana’s currency stability. Despite the Minister’s optimistic claim that “cedi no apicki,” the Minority pointed to ongoing dollar shortages and high levels of Bank of Ghana intervention.
“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’ as Mr Adongo once said.”
Citing an IMF warning, the Minority called for a clear, rule-based foreign exchange intervention framework.
They reiterated their commitment to long-term solutions such as boosting local production and implementing reforms to address black market and import pressures on the cedi.
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