Cedi Appreciation Began Under NPP, Not NDC – Oppong Nkrumah Insists

The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has refuted claims that the recent appreciation of the Ghanaian cedi began under the newly sworn-in National Democratic Congress (NDC) administration. According to him, the cedi’s recovery started months earlier—specifically in the last quarter of 2024 under the New Patriotic Party (NPP) government.

Speaking on Asempa FM’s Ekosii Sen, Oppong Nkrumah explained that the NPP handed over a strengthening currency on January 7, 2025, when they exited office. He noted that at the time, the cedi was trading at around GHS 14 to the dollar.

He further cited a Bank of Ghana report that supported his claim, emphasizing that the currency’s rebound was driven by improved performance in the Bank’s Gold-for-Reserves programme.

“On January 7, when we were leaving office, the exchange rate for the cedi was 14. The appreciation began in the last quarter of 2024, driven by our Gold-for-Reserves programme, which benefited from a rally in gold prices,” he said.

Oppong Nkrumah added that increased participation by commercial banks in the gold purchase initiative contributed significantly to foreign currency inflows and improved reserve levels, helping the local currency gain strength.

“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,” he emphasized.

His comments come amid ongoing public debate over which administration deserves credit for the recent stability in the exchange rate.