By Daniel Bampoe
The political debate over the improving national currency, the Cedi- recent performance has intensified, as Minority Leader Alexander Afenyo-Markin challenges what he calls a “false narrative” being promoted by the ruling National Democratic Congress (NDC) administration.
Speaking on the floor of Parliament during deliberations on the 2025 Mid-Year Budget Review, the Effutu Member of Parliament dismissed claims that the cedi’s recent stability is the result of new and effective economic policies introduced by the current John Mahama-led government.
Instead, he credited the appreciation of the cedi to groundwork laid under the previous New Patriotic Party (NPP) administration led by President Nana Addo Dankwa Akufo-Addo.
“We welcome the stronger cedi—it’s good for our economy, especially for importers and consumers,” Afenyo-Markin said.
“But let’s not pretend that this is some miraculous achievement by the NDC. The seeds of this stability were sown under the NPP government.”
The cedi has seen relative gains in value over the first half of 2025, a shift that government communicators have pointed to as evidence of successful economic management.
The Mahama administration has claimed its fiscal discipline, coupled with reforms under the IMF programme, has restored investor confidence and brought the currency under control after periods of volatility.
But Afenyo-Markin argues that the NDC is riding on the coattails of fiscal and structural reforms initiated before the change in government.
According to him, several macroeconomic indicators—such as increased gold exports, growing remittance inflows, and budgetary discipline tied to the 2023 IMF bailout—were outcomes of policies initiated by the Akufo-Addo government in late 2022 and throughout 2023 and 2024.
He pointed to IMF documentation and internal communications as evidence that even the current NDC administration privately acknowledges the role of its predecessor in stabilising the economy.
“Mr. Speaker, let me remind the NDC: while they loudly deny the NPP’s achievements in public, they have acknowledged in their reports to the IMF that the current stability is partly a result of the measures the previous government put in place,” Afenyo-Markin asserted. “It is not lost on us that the IMF recently exposed this contradiction.”
The Minority Leader’s comments come amid growing public discourse over the economic recovery.
The cedi’s improved exchange rate—largely attributed to tighter monetary policy, an uptick in foreign reserves, and gold-for-oil barter arrangements—has created a political battleground between the NDC and NPP ahead of the 2026 general elections.
While the NDC government insists it is responsible for the cedi’s rebound, the NPP argues that the administration is reaping the benefits of their unfinished economic reform agenda.
Commentators have also noted that the IMF programme, launched under Akufo-Addo’s watch but continued under Mahama, has been a stabilising factor for both governments.
For Afenyo-Markin, the conversation is not just about credit but about truth and continuity.
“It’s important for Ghanaians to know that policy gains do not appear overnight. This stability we see now is part of a trajectory started before January 2025,” he said, accusing the NDC of political opportunism.
