Cedi appreciation began under NPP, not NDC – Kojo Oppong Nkrumah

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The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has stated that the recent appreciation of the cedi did not begin under the NDC administration but started in 2024 during the NPP’s tenure.

Speaking on Asempa FM’s Ekosii Sen show, he explained that when the NPP left office on January 7, 2025, the cedi was trading at 14.

Oppong Nkrumah noted that a Bank of Ghana report confirmed the cedi’s recovery during the final quarter of 2024, largely driven by increased participation by commercial banks in the gold purchase programme for foreign currency.

“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.

“This allowed us to build up excess reserves. 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 said.

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Kojo Oppong Nkrumah