The Minority in Parliament has contested assertions made in the mid-year budget presentation concerning Ghana’s foreign currency reserves and balance of payments status.
The caucus accused the government of trying to claim credit for progress that was actually achieved under the previous administration.
“The Minister’s attempt to disassociate today’s gains from yesterday’s effort is both analytically flawed and institutionally damaging,” the press statement noted.
They alleged that the reported US$11.12 billion in foreign reserves includes US$8.9 billion handed over by the NPP administration in 2024.
Additionally, they highlighted discrepancies between statements made by the Finance Minister and former President Mahama regarding gold export volumes and earnings, implying a lack of openness in the activities of the Ghana Goldbod.
“This apparent contradiction… calls for proper scrutiny of the work of the Goldbod,” the Minority argued.
The group also expressed concerns about the stability of Ghana’s currency. Despite the Minister’s upbeat remark that “cedi no apicki,” they pointed to persistent dollar scarcities and significant interventions by the Bank of Ghana.
“Perhaps the Minister should know that ‘Cedi no apicki, but Abochi get the Dollar,’ as Mr Adongo once said.”
Referring to a caution from the IMF, the Minority urged the adoption of a transparent and rules-based approach to managing foreign exchange interventions.
They reaffirmed their support for sustainable strategies, including enhancing domestic production and initiating reforms to tackle black market activities and import-driven pressure on the cedi.
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