Isaac Boamah-Nyarko, Member of Parliament for Effia, has asserted that the recent appreciation of the Ghanaian cedi is largely due to the economic groundwork laid by the previous New Patriotic Party (NPP) administration.
Boamah-Nyarko rejected suggestions that the current government alone deserves credit for the currency’s gains, urging a more balanced and honest conversation about Ghana’s economic progress.
“The NPP government, before leaving office, had set the stage for these improvements. The fundamentals were already in place, making it easier for the new administration to build on our efforts,” he stated.
His comments come amid growing debate following the cedi’s recent strengthening against major foreign currencies. Analysts have cited a mix of factors, including increased gold reserves and global economic shifts such as a weakening US dollar, influenced in part by past trade policies.
Boamah-Nyarko pointed to data from the Precious Minerals Marketing Company (PMMC) to support his position. He noted that by December 31, 2024, Ghana’s gold reserves had reached 30.2 tonnes. Since then, under the current administration, the reserves have increased to 31.6 tonnes—indicating that only about 1.4 tonnes were added in the first few months of 2025.
According to the Effia MP, these figures reinforce the argument that the previous administration deserves recognition for stabilizing the economy and laying a solid foundation.
“The NDC doesn’t have a magic wand. If the fundamentals weren’t strong, these results wouldn’t have materialised so quickly,” he concluded.
Boamah-Nyarko’s remarks highlight the ongoing political debate over who deserves credit for Ghana’s recent economic recovery, particularly as both major parties prepare for the next electoral cycle.
