Minority Leader Alexander Afenyo-Markin has downplayed the recent appreciation of the Ghanaian Cedi, stating that its current strength is not the result of any exceptional economic policy by the National Democratic Congress (NDC) government.
Addressing a press conference on Thursday, May 8, 2025, in response to President John Dramani Mahama’s 120-Day Social Contract, Afenyo-Markin argued that the Cedi’s performance is being wrongly celebrated as a domestic achievement.
“The dollar is weakening, not because the Cedi is strong, but because investors are losing faith in the green bank itself,” he stated, referencing the ICE US Dollar Index, which he said had slipped below 100 due to waning confidence in the US economy.
According to Afenyo-Markin, the Cedi’s improvement — from crossing the GH¢17 mark on the retail market in 2023 to now trading around GH¢14 — is part of a broader trend in global financial markets and not a reflection of sound local policy.
“So, this is not an NDC miracle, it is global monetary turbulence. This is currency recalibration on a planetary scale,” he said.
He further urged the government to redirect its focus to pressing domestic concerns: “I am telling the finance minister, go and pay the suppliers and contractors. The contractors must get back on the road, and the government’s projects must resume. Stop holding back people’s money.”
Source | Citinewsroom
