Minority Leader Alexander Afenyo-Markin has dismissed the recent strengthening of the Ghanaian Cedi as anything but a policy triumph by the National Democratic Congress (NDC), insisting it is the result of global market dynamics, not domestic economic wizardry.
Speaking at a press conference on Thursday, May 8, 2025, in response to President John Dramani Mahama’s 120-Day Social Contract address, Afenyo-Markin argued that the Mahama-led government is prematurely taking credit for a development it didn’t engineer.
“The dollar is weakening, not because the Cedi is strong, but because confidence in the greenback is falling,” he said.
He cited the recent dip of the ICE U.S. Dollar Index below the 100 mark, largely due to growing uncertainty in the U.S. economy.
According to Afenyo-Markin, the Cedi’s rebound from over GH¢17 to around GH¢14 on the retail market is reflective of global currency shifts rather than any exceptional fiscal or monetary strategy implemented by the NDC.
“This is not an NDC miracle; it’s global monetary turbulence, we’re seeing currency recalibration on a global scale, and Ghana’s Cedi is simply riding the wave,” he stated.
The Minority Leader urged the government to shift focus from what he described as “unearned credit” to more urgent domestic issues.
He called on the Finance Minister to release delayed payments to contractors and suppliers to jumpstart halted development projects.
“Go and pay the contractors. Let them get back to work. Projects have stalled for too long, and the government is holding back money that’s desperately needed in the real economy,” he charged.