Ghana’s Minority Leader Alexander Afenyo-Markin has disputed government claims that the recent appreciation of the cedi stems solely from policies by the ruling National Democratic Congress (NDC).
Speaking during Thursday’s parliamentary debate on the 2025 Mid-Year Budget Review, the opposition New Patriotic Party (NPP) legislator asserted the currency’s gains reflect economic foundations laid by the previous NPP administration.
“We welcome a stronger cedi, it eases import costs and brings price relief. But crediting this solely to NDC progress is misleading,” Afenyo-Markin stated. He attributed the cedi’s January-June performance to renewed investor confidence, Ghana’s International Monetary Fund (IMF) programme, and fiscal improvements initiated last year. The Effutu MP also cited boosted gold exports and remittance inflows in late 2024 as contributing factors.
Challenging the NDC’s narrative, Afenyo-Markin claimed the governing party privately acknowledged the NPP’s groundwork in IMF communications despite public denials. “While denying our successes, their IMF report quietly admitted today’s stability results from the Akufo-Addo government’s foundation,” he contended, referencing recent IMF disclosures.
The cedi’s appreciation has intensified political tensions amid Ghana’s economic recovery. The NDC government maintains its policies drive macroeconomic improvements, while the opposition insists current gains stem from pre-2025 reforms.
