Amin Adam questions cedi’s strength despite US$1.2bn forex injection
The government says it has put about US$1.2 billion into the foreign exchange market. The dollar, Dr Mohammed Amin Adam points out, still costs roughly GH¢12.
Adam, a former finance minister who now leads the Minority on Parliament’s Finance Committee, raised the figure at a press conference on the 2027 Budget on Friday, November 13. His argument was that the money has bought less than it should. A cedi this weak, after that much support, raises doubts about how well the strategy is working.
He then turned to the record of the previous NPP government, which he served. According to him, that administration put only about US$60 million into the market at a time. Had it injected anything like the current volumes, he said, the cedi would be far stronger. “If the NPP had done that, it would have been ¢1 to $1,” he said, a figure that is plainly rhetorical, and one he did not back with a calculation.
The remarks fit a pattern of Minority attacks on how the government manages the currency. Its members have questioned whether leaning on intervention can last. They have previously pointed to reports that the Bank of Ghana sold about US$9.2 billion into the market between January and August 2026, a period in which the country’s international reserves fell.
The government’s response to Adam’s latest remarks was not part of the account provided.
Source: Myjoyonline.com
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