The Minority in Parliament has cautioned that the rapid appreciation of the Ghana cedi—by more than 40 percent within a year—is unhealthy for an economy burdened with deep structural weaknesses.
Addressing a press conference in Accra, Deputy Minority Leader and Member of Parliament for Asokwa, Hon. Patricia Appiagyei, argued that the sharp strengthening of the local currency risks undermining Ghana’s productive sectors and long-term economic stability.
“A forty percent cedi appreciation in one year is not normal for an economy with our structural weaknesses. It erodes competitiveness, hurts exporters, damages farmers and manufacturers,” she said.
Hon. Appiagyei accused the government of prioritising political optics over sound economic fundamentals, warning that short-term gains could reverse if not managed prudently.
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“This government cares more about optics than sustainability—more about short-term applause than long-term stability,” she stated.
She noted that while government officials continue to celebrate improved macroeconomic indicators, including GDP growth of about six percent, falling inflation, and a stronger cedi, these figures do not tell the full story.
“We are told Ghana has turned a corner. GDP grew by six per cent. Inflation fell sharply. The cedi appreciated by over forty per cent. Success, they say. Victory, they claim. But at what cost?” she questioned.
The Deputy Minority Leader contended that much of the economic recovery being touted by the government predates President John Dramani Mahama’s return to office.
“Much of this recovery began before President Mahama returned to power. It rests on an IMF programme we negotiated, fiscal consolidation we implemented, and a global gold boom we did not create,” she said.
According to her, attributing the gains solely to the current administration amounts to misrepresentation of facts.
Hon. Appiagyei further criticised the government for selectively highlighting favourable portions of the International Monetary Fund (IMF) assessment while downplaying critical warnings contained in the same report.
“The same IMF report they celebrate also warns of quasi-fiscal risks, loss-making gold schemes, and hidden vulnerabilities. They publicize the headlines. They downplay the warnings,” she stressed.
She called on the government to adopt a more balanced and transparent approach to economic management, warning that ignoring underlying risks could expose the country to future shocks.