Akufo-Addo’s $8.9b reserves key to Ghana’s exchange rate stability – Amin Adam

Former Finance Minister, Dr Mohammed Amin Adam has credited the Nana Adding Dankwa Akufo-Addo administration’s substantial international reserves for Ghana’s current exchange rate stability.

He said the $8.9 billion gross international reserves left by the previous government had played a crucial role in maintaining the stability of the Ghanaian cedi.

“… The rate of 6.5 per cent depreciation we have witnessed here to date in 2025 is not informed by any sustainable strategies by the current government,” D Amin Adam said on Monday when he addressed the Parliamentary Press Corps at the True State of the Nation address in Parliament House, Accra, by the New Patriotic Party Minority Caucus.

He said: “The current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market.”

Dr Amin Adam attributed the John Dramani Mahama administration and the Bank of Ghana’s ability to intervene in the market to the inherited reserves.

“… The Mahama administration and the Central Bank can do this, but this is happening only because the previous administration left a gross international reserve of $8.9 billion by the end of 2024. This is being used to shore up the value of the cedi,” he said.

He stressed that the stability of the exchange rate was not a result of new policies introduced by the Mahama government, but rather the reserves inherited from the Akufo-Addo administration. “… Fellow Ghanaians, the true state of the nation is that exchange rate stability… is not by any magic from the Mahama government. It is because the Akufo-Addo government left significant levels of international reserves for them,” Dr Amin Adam stated.

Source: GNA

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