The recent appreciation of the Ghanaian cedi has become a fresh battleground for political credit, as Minority Leader Alexander Afenyo-Markin has pushed back against claims that the currency’s recovery is solely the result of policies implemented by the current National Democratic Congress (NDC) government.
In a heated parliamentary debate following the 2025 Mid-Year Budget Review presentation, Afenyo-Markin argued that the currency’s upward trajectory owes much to policy groundwork laid by the former New Patriotic Party (NPP) administration.
“We all benefit from a stronger cedi,” the Effutu MP acknowledged. “But to pretend this is an exclusive NDC success story is disingenuous.”
The cedi’s rebound, which has brought some relief from import-driven inflation, has been touted by the governing NDC as a sign of policy competence. However, Afenyo-Markin claimed this narrative masks the foundational reforms introduced under the Akufo-Addo government — particularly as part of Ghana’s engagement with the International Monetary Fund (IMF).
He cited improved investor confidence, robust remittance inflows, and a surge in gold exports in late 2024 as critical drivers, suggesting that the current macroeconomic momentum was set in motion before the NDC took over.
In a sharp rebuke, Afenyo-Markin alleged that while the NDC publicly downplays the achievements of the NPP, it has quietly acknowledged them in communications with international institutions.
“Even the IMF has exposed them,” he stated. “They’ve recognised in their own submissions that the cedi’s stability is rooted in the economic foundation we laid.”
The cedi’s performance has sparked a renewed contest between the NDC and NPP, each seeking political mileage as Ghana navigates a post-crisis economic recovery. The debate underscores how macroeconomic wins — particularly currency stability — are not only economic milestones but political capital in an election cycle.
As the discourse intensifies, both parties are expected to continue leveraging Ghana’s economic indicators to frame competing narratives of competence, responsibility, and vision.
