The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has dismissed claims by the National Democratic Congress (NDC) that it is responsible for the recent appreciation of the Ghanaian cedi, insisting that the currency\u2019s gains began under the previous New Patriotic Party (NPP) administration.<\/p>\n
Speaking on Ekosii Sen on Asempa FM on Tuesday, January 6, Mr Oppong Nkrumah said the strengthening of the cedi started in the last quarter of 2024, well before the change of government.<\/p>\n
According to him, the NDC\u2019s assertion that the cedi began appreciating only after it assumed office is inaccurate, as the upward trend was already evident prior to the transition.<\/p>\n
\u201cFirst of all, the government lied that when they came into office, the dollar was at 17. On January 7, when they took over, the rate was actually about 14,\u201d he stated.<\/p>\n
Mr Oppong Nkrumah attributed the currency\u2019s appreciation to measures implemented by the erstwhile NPP administration, particularly the Gold for Reserves programme, which he said helped build foreign reserves at a time of rising global gold prices.<\/p>\n
\u201cThe appreciation of the cedi started in the last quarter of 2024 when the Gold for Reserves programme took effect, gold prices rallied, and we were able to build reserves and even have an excess. That is where the appreciation began,\u201d he explained.<\/p>\n
To back his claims, the former Information Minister cited the 2024 Annual Report and Financial Statements of the Bank of Ghana, noting that the document supports his argument on the timing of the cedi\u2019s recovery.<\/p>\n
\u201cI have here the Annual Report and Financial Statements 2024 of the Bank of Ghana, signed by the Governor, Dr. Asiamah. The report clearly shows that the appreciation began when the Gold for Reserves programme and other measures we introduced took effect,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, has dismissed claims by the National Democratic Congress (NDC) that it is responsible for the recent appreciation of the Ghanaian cedi, insisting that the currency\u2019s gains began under the previous New Patriotic Party (NPP) administration. Speaking on Ekosii Sen on Asempa FM on Tuesday, January 6, […]<\/p>\n","protected":false},"author":123457,"featured_media":15037,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[3525,3949,41,18],"tags":[4730,67,4729,235],"class_list":["post-15036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-exchange-rate","category-general-news","category-politics","tag-ghanaian-cedi","tag-ndc","tag-ofoase-ayirebi","tag-oppong-nkrumah"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15036"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15036\/revisions"}],"predecessor-version":[{"id":15038,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/15036\/revisions\/15038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/15037"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}