The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has said that the recent appreciation of the cedi did not begin under the NDC administration, but rather started in 2024 while the NPP was still in office.
In an interview, he explained that when the NPP handed over power on January 7, 2025, the cedi was trading at about 14 to the dollar.
Mr. Oppong Nkrumah said a report by the Bank of Ghana shows that the cedi began recovering in the last quarter of 2024.
He attributed this improvement mainly to increased participation by commercial banks in the government’s gold purchase programme, which was used to obtain foreign currency.
“By January 7, when we were leaving office, the exchange rate was 14. The appreciation started in the final quarter of 2024 and was driven by the Gold-for-Reserves programme, supported by rising gold prices,” he said.
He added that the programme helped build excess foreign reserves, a development the Bank of Ghana confirmed contributed to the cedi’s recovery and appreciation during that period, largely due to greater involvement by commercial banks.
