'At the time NPP left office, the Cedi had suffered catastrophic collapse' — Kwakye Ofosu slams Minority

Minister for Government Communications, Felix Kwakye Ofosu, has taken a firm swipe at the Minority, accusing them of attempting to dissociate themselves from what he described as one of the worst periods of currency depreciation in Ghana’s recent history.

Contributing to the 2026 Budget debate, he argued that the previous administration left behind a cedi that had “suffered a catastrophic collapse,” insisting the depreciation was neither marginal nor debatable.

“Mr Speaker, the Ghanaian Cedi suffered a catastrophic collapse under the watch of our colleagues on the other side,” he said.

He maintained that by the time the former government exited office, the cedi had lost extraordinary value against major foreign currencies, with widespread consequences for businesses, investors and ordinary households.

He disclosed that some forex bureaus were selling the US dollar at GH¢17 when the Minority was leaving power — a situation he cited as clear evidence of economic mismanagement.

“By the time they left office, you could buy a dollar at GH¢17 in some forex bureaus,” he added.

Mr Kwakye Ofosu stressed that currency performance is one of the most objective indicators of economic health and cannot be spun for political convenience. He argued that the outgoing administration must accept responsibility instead of attempting to rewrite the economic record.

“Economic analysis relies on metrics that are not subject to interpretation or opinion,” he noted.

He urged the Minority to engage in the budget debate with honesty about the condition in which they left the economy, emphasising that genuine acknowledgement is necessary for meaningful economic recovery.

“The record speaks for itself, and they must accept the consequences of their own stewardship,” he said.