The Minority in Parliament, led by Ranking Member and former Finance Minister Dr. Mohammed Amin Adam, has praised the previous NPP administration for building a strong macroeconomic foundation that stabilized the Ghanaian cedi. 

According to Dr. Amin Adam, President Mahama’s recent admission that the cedi’s appreciation is linked to the country’s $10.6 billion foreign reserves confirms that the current NDC government has not introduced new policy innovations but benefits from reserves accumulated by the NPP. 

“A substantial $8.98 billion of the reserves were inherited from the NPP government,” he noted.

Dr. Amin Adam pointed out that the current NDC government has relied heavily on the GoldBod programme—a continuation of the gold-for-forex strategy introduced by the NPP under Vice President Mahamudu Bawumia. 

This initiative was designed to leverage Ghana’s gold reserves to stabilize the local currency. 

The NPP increased gold reserves from 8.78 tonnes in May 2023 to 30.53 tonnes by December 2024, setting a strong anchor for the currency.

However, the Minority criticized the NDC for underperforming in building reserves and gold accumulation, highlighting that since January 2025, the current government has added less than one metric ton to gold reserves and only about $1.6 billion to foreign exchange reserves despite favorable economic conditions. 

Dr. Amin Adam urged transparency and accountability from the Bank of Ghana and Goldbod regarding discrepancies in reported reserves, questioning possible off-balance-sheet forex operations.

While acknowledging cedi appreciation, the Minority expressed concern that inflation remains high at 21%, reflecting deeper structural issues beyond exchange rate improvements. 

Dr. Amin Adam stressed, “Macroeconomic discipline must be matched with transparency and reform—not rhetoric,” urging the government to focus on sustaining gains through prudent policies and institutional continuity.