Minority Leader Alexander Afenyo-Markin has tempered the enthusiasm surrounding the recent surge in the Ghanaian Cedi’s value, asserting that its current strength is not a direct result of the National Democratic Congress (NDC) administration’s economic policies.
In a press conference held on May 8, 2025, Afenyo-Markin responded to President John Dramani Mahama’s 120-Day Social Contract, arguing that the Cedi’s performance is being misguidedly attributed to domestic achievements.
According to Afenyo-Markin, the Cedi’s appreciation, which has seen it trade around GH¢14 after crossing the GH¢17 mark in 2023, is largely influenced by global market trends rather than sound local policy.
He emphasized that the US Dollar Index’s decline below 100, due to waning confidence in the US economy, is a significant contributing factor to the Cedi’s relative strength.
“The dollar is weakening, not because the Cedi is strong, but because investors are losing faith in the green bank itself,” Afenyo-Markin stated.
He further elaborated, “So, this is not an NDC miracle, it is global monetary turbulence. This is currency recalibration on a planetary scale.”
Afenyo-Markin urged the government to redirect its focus towards pressing domestic issues, stating,
“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.”
This call to action underscores the need for the government to prioritize local concerns over perceived economic achievements.
