The Member of Parliament for Nhyiaeso and former Deputy Finance Minister, Dr Stephen Amoah, has dismissed claims that the recent appreciation of the Ghanaian cedi is due to measures implemented by the National Democratic Congress (NDC) government.
According to Dr. Amoah, the current economic improvements are the result of policies put in place by the previous New Patriotic Party (NPP) administration.
He cited rising global cocoa prices and the NPP’s decision to domesticate cocoa syndication, ensuring that millions of dollars remained in Ghana rather than being paid to foreign entities.
“So we are talking about accumulation of dollar in our systems,” he stated, explaining how these financial strategies contributed to economic stability.
Dr. Amoah also emphasised Ghana’s economic performance under the previous government, pointing to a GDP growth rate of approximately 5.6% in the last quarter of 2024.
“Last quarter 2024 our GDP had grown to almost 6%, I think 5.6% even higher than we inherited in 2016,” he noted.
He argued that the NPP’s fiscal discipline helped Ghana secure board-level approvals from international financial bodies like the International Monetary Fund (IMF).
“If we had not been fiscally disciplined throughout 2023 through 2024, how were we able to get board-level approvals from the IMF and the other world bodies?” he questioned.
Criticising the NDC government’s attribution of credit to the cedi surge, Dr. Amoah suggested inconsistency in their approach.
“Then they should also take whatever credit they want to take when it comes to the energy sector crisis we are having now. When it comes to the dumsor they say we just came to power, when it is exchange rate, they say no, they have been able to put measures in place. Honestly speaking, that is not true,” he asserted.
He argued that any new government within its first six months would not be in a position to implement impactful policies, as they are still establishing their administration.
“Any new government anywhere in the world and in Ghana here within six months cannot sit and say you are not spending. You are not spending because you are now putting your government structure in place,” he explained.
Credit to Channel1news
