‘Cedi no apicki, but Abochi get the Dollar’ – Minority Challenges Government’s Forex Claims

The Minority in Parliament has pushed back against claims made in the 2025 mid-year budget review, arguing that the government is taking undue credit for foreign exchange and reserve gains established under the previous New Patriotic Party (NPP) administration.

In a strongly worded statement, the Minority criticised what it described as an attempt by the current administration to separate recent macroeconomic improvements from the policy groundwork laid before it assumed office.

“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” the statement said.

The Minority claimed that the reported US\$11.12 billion in international reserves includes as much as US\$8.9 billion left behind by the NPP government at the end of 2024.

They also highlighted contradictions between Finance Minister statements and President Mahama’s remarks on gold export earnings, questioning the transparency of Ghana Goldbod’s operations.

“This apparent contradiction… calls for proper scrutiny of the work of the Goldbod,” they insisted.

Addressing the cedi’s performance, the Minority dismissed the Finance Minister’s optimistic assertion that “cedi no apicki” (meaning the currency isn’t depreciating). They pointed to persistent dollar shortages, continued Bank of Ghana market interventions, and the thriving parallel (black) market as indicators of deeper forex challenges.

“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’ as Mr Adongo once said,” they quipped, referencing a popular phrase that implies the cedi may seem stable, but access to foreign currency remains difficult for ordinary citizens.

The Minority also referenced recent IMF guidance, stressing the need for a clear, rule-based foreign exchange intervention policy to avoid further volatility.

As a long-term fix, they advocated for increased domestic production, reduced import dependency, and structural reforms aimed at curbing the black market’s influence on the exchange rate.