NPP laid strong foundation for current cedi gains — Effia MP

Isaac Boamah-Nyarko, Member of Parliament for Effia, has downplayed claims that the current administration is solely responsible for Ghana’s recent economic turnaround, arguing that the foundations for the rebound were laid by the previous government.

He maintained that the recent appreciation of the Ghanaian Cedi was made possible by the groundwork done by the former administration, and called for a more honest and inclusive narrative on the country’s economic progress.

His comments follow the recent strengthening of the Cedi against major foreign currencies—a development that has sparked widespread debate among economists and politicians alike.

Some experts have attributed the gains to strong gold reserves and a weakening US dollar, partly influenced by tariff policies under President Donald Trump.

Speaking on Breakfast Daily on Channel One TV on Tuesday, May 13, 2025, Boamah-Nyarko stressed the need to give credit where it is due.

“The [NPP] government, before leaving office, had provided the playing field that makes it easy for any continuing government to build on its successes. So, we need to give credit where credit is due. Else, as a country, we will go nowhere.

The NDC government doesn’t have a magic wand between January and now to be doing those things if there were no fundamentals,” he stated.

To support his claim, Boamah-Nyarko cited performance data from the Precious Minerals Marketing Company (PMMC), suggesting that most of the gains in gold reserves occurred before the current administration took office.

“The PMMC, as of December 31, had built up a gold reserve of 30.2 tonnes. And between January and now, since the NDC came into office, the reserve has accumulated up to 31.6 million tonnes, meaning only 1 million has been added,” he added.

Boamah-Nyarko’s remarks underscore the ongoing political debate over which administration deserves credit for Ghana’s recent economic strides.