The Director of Communications for the Bawumia 2024 campaign, Dennis Miracles Aboagye, has lauded the Mahama government for the appreciation of the Cedi against major foreign currencies.
According to the Communication member of the New Patriotic Party (NPP), he is of the view that the government of the day is responsible for the performance of the cedi.
“I believe and support the government when they claim credit for the recent strength of the cedi. I am fully in favour of the school of thought that the Government of the day is responsible for the performance of our currency”, he wrote on Facebook.
His comments were in response to a statement made by the Acting Chief Executive Officer of Ghana’s Gold Board , Sammy Gyamfi, after the latter claimed the NDC government assumed office with the Dollar to the Cedi exchange ratio at a staggering Ghs16 per dollar.
In his writeup, Sammy Gyamfi provided evidence to support his claim that, as of December 2024, Ghana’s gold reserves at the Bank of England were approximately 30 tonnes, but the exchange rate was just Ghs16 to $1.
Sammy Gyamfi therefore rejected claims that the appreciation of the cedi against the dollar is as a result of Gold accumulation policy implemented by the previous administration. This to him, is because there has not been any significant addition to the gold reserves but the cedi is gaining strength against the dollar.
However in disputing the claims, Miracles Aboagye indicated that,”the NPP Government handed over to the NDC with the dollar-cedi exchange rate at 14.75 as reported by the BOG on the 8th January, 2025. Let me repeat, as of 8th January 2025 when the NDC took office, the dollar – cedi exchange rate was 14.75cedis. The exchange rate as at Tuesday 31st December 2024 was 14.70.”
He continued, “Let the facts and records reflect that the NDC inherited USD exchange rate of 14.75 and not 16”.
According to Bloomberg, the Ghanaian cedi is currently the world’s best-performing currency, having appreciated about 16 percent against the dollar, which has contributed to a reduction in Ghana’s inflation for eight straight months.
Consumer price inflation went down to 21.2 per cent from 22.4 per cent which was revealed on Wednesday by government statistician, Alahassan Iddrisu. This is largely attributed to the decreased import costs bolstering the value of the Cedi.
Non-food inflation also dropped further to 17.9 per cent from 18.7 per cent. Also food inflation had a sharp decline from 26.5 per cent to 25 per cent.
