The first 120 days of John Mahama’s second term in office has seen some significant achievements in the areas of fiscal and monetary policies including the much talked about of the recent appreciation of the Cedi against US dollar and other major international trading currencies.
However, it is worthy to let Ghanaians know the key contributions of Akufo-Addo’s government to the performance of Mahama’s government within the 120 days as follows:
*1. Cedi Appreciation: Bearing Fruits of NPP “Gold for Forex” Initiatives & other Interventions*
The CEO of GoldBod, Sammy Gyamfi has been demanding answers to the two questions below:
1. Accumulating physical gold reserves, with a dollar to cedi exchange rate of GHS 16? or
2. Accumulating adequate forex liquidity through unprecedented gold exports, with a dollar to Cedi exchange rate of GHS 12.2?
First and foremost, any well-read learned lawyer would rather argue from the standpoint of tonnes accumulated over a period of time, not the value of exchange rate since several factors affect the appreciation and depreciation of Currency.
The CEO of GoldBod unfortunately is rushing above his gold-economics intelligence. Respectfully, the CEO of GoldBod should appreciate the fact that, the physical gold reserves left behind by the NPP Government is largely responsible and part of the unprecedented gold exports executed by Mahama’s government to accumulate the adequate forex liquidity at the exchange rate of GHS 12.2. The Bank of Ghana Gold Reserves hit 31.37 tonnes at the end of April 2025. Out of this figure, what has been the contribution of GoldBod to the 31.37 tonnes of Gold and under which Budget utilization from January to April 2025?
A robust physical gold reserve position enhances the resilience of Ghana’s balance of payments, ensuring adequate buffer against external economic shocks, and strengthening the monetary policy decisions of Bank of Ghana.
Even, President John Mahama, speaking at the opening ceremony of Ghana-EU Business Forum held in Accra, admitted and acknowledged the undeniable fact that, Akufo-Addo’s government left behind $8.98 billion reserves, creating positive significant impact on the Cedi against the US Dollar and other trading currencies. The NPP’s $8.98 billion has significantly supported forex inflows, improved trade balancing as well as growing investor’s confidence in Mahama’s government.
According to John Mahama, “our gross international reserves have improved further from $8.98 billion in December 2024 to $10.6 billion by April 2025”. Mathematically, the inference is that between January-April 2025, John Mahama’s government has added only $1.62 billion to the Reserves of Ghana, even largely underpinning by the revenue mobilization strategies of NPP’s Mini-Budget for the 1st quarter of 2025 approved by Parliament on 3rd January 2025.
Until and unless Mahama’s government through the GoldBod is able to add more gold to the Reserves exceeding $8.98 billion left behind by the NPP government, the NDC has absolutely no moral or legal or ethical or economic rights to take full 100% credit for the recent appreciation of the Cedi against the US Dollar and other trading currencies.
The Domestic Gold Purchase Programme(DGPP) and “Gold for Oil”Policy so far have done greater good to the Cedi than Mahama’s GoldBod though we cannot completely also ignore the fact that the monopolistic GoldBod has played its role in the recent appreciation of the Cedi.
Categorically, Akufo-Addo’s government is responsible for about 80-90% of gold reserves of Ghana from 2021-April 2025, with the greater credit to the Bank of Ghana under the leadership of Governor Ernest Addison.
John Mahama’s government has been lucky enough to have inherited an already recovering economy from Akufo-Addo’s government.
Also, the admission and acknowledgement of $8.98 billion reserves by John Mahama sincerely indicates that John Mahama and the NDC LIED to the good people of Ghana that NPP criminally managed the economy.
Dr. Ato Forson authoritatively indicated in Section 104, page 24 of the 2025 Budget Speech that, “Mr. Speaker, provisional 2024 GDP Statistics published by Ghana Statistical Service(GSS) on 10th March 2025 shows that overall real GDP grew by 5.7% in 2024 compared to the growth rate of 3.1% recorded in 2023, and non-oil GDP grew by 6% in 2024 compared with a growth rate of 3.6% recorded in 2023(Section 105, Page 24 of 2025 Budget Speech). In fact, this is a *solid economic recovery foundation* left behind by Akufo-Addo’s government to John Mahama’s government.
Sammy Gyamfi should NOT also forget that before the operations of GoldBod on 2nd April 2025, there were functionality and operationalization of:
1. Precious Minerals Marketing Company(PMMC), later amended to the current GoldBod, headed by Sammy Gyamfi. Mr. Gyamfi was initially appointed as CEO for PMMC, not GoldBod, and actually started working with the architecture of PMMC for three(3) months until the Ghana Gold Board Act, 2025(Act 1140) was passed in March 2025 and assented into law on 2nd April 2025.
2. Domestic Gold Purchase Programme which began in 2021, with special credit to Akufo-Addo’s government.
The Domestic Gold Purchase Programme(DGPP),and Gold for Oil Policy implemented under the guidance of Akufo-Addo’s government seriously underpins Ghana’s “Gold for Forex” intervention for the appreciation of the Cedi.
3. Minerals Income Investment Fund(MIIF) envisioned by former President Akufo-Addo, and implemented by Ken Ofori-Atta, former Minister of Finance.
Due to the viability and relevance of Minerals Income Investment Fund(MIIF), in accordance with Section 135 of the 2025 Budget Speech presented to Parliament by Dr. Ato Forson, Minister of Finance, the Mahama’s government would amend the Minerals Income Investment Fund Act to ensure that, 80% of Mineral Royalties originally maintained by MIIF is transferred to the Consolidated Fund for infrastructure development and strengthen social protection initiatives of Mahama’s government(Pages 37-38 of the 2025 Budget Speech).
4. Ghana-IMF Programme started by Akufo-Addo’s government until 2026. John Mahama’s government inherited a $3 billion Extended Credit Facility from NPP government, with $370 million tranche hitting the account of Bank Ghana very soon.
The current Ghana-IMF programme has really created fiscal discipline and macro-stability for the Ghanaian economy, thereby boosting investor’s confidence in the economy.
The existence of the IMF programme has largely prevented Mahama’s government from reckless expenditures.
We would patiently wait to see the outcome of Ghana’s economy under Mahama’s government after the IMF Fiscal Discipline Programme with Ghana comes to an end in 2026.
*2. Mini-Budget for 1st Quarter of 2025 Presented to Parliament by Akufo-Addo’s Government*
It is without any argument and doubt that, Ghana was governed by John Mahama within the 120 days using Akufo-Addo’s Mini-Budget for 1st Quarter of 2025 passed by Parliament on 3rd January 2025.
Until Hon. Dr. Ato Forson presented the Budget on the 11th March 2025, John Mahama’s Administration was operating with Akufo-Addo’s Mini-Budget for 1st
quarter of 2025 in accordance with the relevant laws of the Country.
The Mini-Budget delivered by Hon. Dr. Mohammed Amin Adam on behalf of Akufo-Addo’s government was responsible for funding government operations for the 1st quarter of 2025, pending the substantive budget presentation by Mahama’s government.
The allocations of Akufo-Addo’s Mini-Budget focused on critical government functions including GHS 2.37 billion tax refunds, healthcare, education, public service costs, and infrastructure development across the country.
Akufo-Addo’s Mini-Budget helped Mahama’s government to sustain essential services, address pressing fiscal & monetary needs of Ghana, ensuring the sustainability of economic stability, as well as revenue mobilization strategies.
The Akufo-Addo’s 68.13 billion Ghana Cedis Mini-Budget for 1st Quarter of 2025 has the following deliverables:
1. GHS 16.46 billion for payment of employees salaries.
2. GHS 3.12 billion for payment of goods and services.
3. GHS 20.69 billion for interest payments, including obligations to Independent Power Producers(IPPs), and the Energy Sector Levy Account(ESLA).
4. GHS 45.50 million for subsidies.
5. GHS 9.19 billion allocated to government agencies.
6. and several other components not mentioned here.
*3. Payment of Domestic Bondholders by Mahama’s Government*
It is undeniable fact that, John Mahama’s government was able to honour the following payment interventions in February 2025 largely influenced by the Mini-Budget of Akufo-Addo’s government:
1. Payment-in-Cash(PIC) coupon of GHS 6.081 billion to all Domestic Debt Exchange Programme(DDEP) bondholders.
2. Payment-in-Kind(PIK) portion of GHS 3.46 billion, deposited into the respective bondholders’ securities accounts in line with the DDEP Memorandum secured by Akufo-Addo’s government.
3. Payment of GHS 9.7 billion into the Debt Service Recovery Cedi Account(Sinking Fund) as a buffer for the 5th DDEP coupon due in July and August, 2025.
The Debt Exchange Programme was a necessary evil intervention taken by Akufo-Addo’s government, attracted the hatred of Ghanaians but now serving as a blessing and breathing room to John Mahama’s government.
The 2025 Budget Statement of Mahama’s government indicates that, “Mr. Speaker, you may recall that the government(Akufo-Addo’s government) commenced the debt restructuring programme in 2022 to RESTORE DEBT SUSTAINABILITY and ECONOMIC STABILITY. Mr. Speaker, as of now, the restructuring process is approximately *93% completed*. The remaining *7%* relates to debt of $2.7 billion owed to commercial creditors. We are committed to completing the remaining debt restructuring as soon as possible”(Sections 101, 102 and 103: Pages 23-24 of 2025 Budget Speech delivered on 11th March 2025).
Additionally, Dr. Ato Forson admitted in Section 100 of the Budget Speech as follows, “Mr. Speaker, the reduction in debt -to-GDP ratio and the dollar component of our debt stock is as a result of the *37%* haircut on the principal of the Eurobond debt under the debt restructuring programme” (Page 23 of 2025 Budget Speech), with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam, two former Ministers of Finance Akufo-Addo’s government.
Now, my question to Sammy Gyamfi, CEO of GoldBod and NDC Members are as follows:
(a). What would have been the current situation of the Cedi and the economy of Ghana if NPP government (with greater credit to Ken Ofori-Atta and Dr. Mohammed Amin Adam) was unable to successfully restructured *93%* of Ghana’s debt caused by successive governments?
(b). How do you(NDC members) take full 100% credit for Cedi Appreciation when your efforts to Ghana’s debt restructuring is just *7%*? This would certainly be an unreasonable and unjustifiable glory.
…. Signed….
Razak Kojo Opoku(PhD)
Founding President, UP Tradition Institute
