Cedi Stability Anchored by Akufo-Addo’s Reserves, Not Mahama’s Strategies – Amin Adam
Former Finance Minister Mohammed Amin Adam argues that Ghana’s exchange rate stability in 2025 is due to the $8.9 billion in reserves left by the Akufo-Addo administration, not new policies by the Mahama government.
- Amin Adam claims the Mahama administration is using $8.9 billion left by Akufo-Addo to stabilize the cedi
- He argues that the Bank of Ghana’s actions, not new policies, are keeping the cedi steady
- The former minister insists that current stability is temporary and not driven by long-term economic reforms
Former Finance Minister Mohammed Amin Adam has credited Ghana’s current exchange rate stability to the substantial $8.9 billion in international reserves left by the Akufo-Addo administration, dismissing claims that new policies by the Mahama government are responsible.
Speaking at the ‘True State of the Nation’ address in Accra on Monday, March 3, Amin Adam argued that the cedi’s relative stability in 2025 is due to direct interventions by the Bank of Ghana, made possible by the reserves inherited from the previous administration.
“The 6.5% depreciation rate we’ve seen this year is not the result of any sustainable strategies by the current government. Rather, it reflects heavy central bank intervention, enabled by reserves left behind at the end of 2024,” he stated.
Amin Adam asserted that without these reserves, the Mahama administration would have struggled to maintain the cedi’s value, emphasizing that the previous government’s financial buffer is what’s keeping the exchange rate in check.
