Former Minister of Finance, Dr. Mohammed Amin Adam, has attributed the economic stability witnessed in the early days of the John Mahama-led administration to the performance of the previous government.

According to him, the relative stability in macroeconomic indicators, such as inflation and the cedi’s performance, is due to the substantial international reserves left behind by the Akufo-Addo administration.

Speaking at the True State of the Nation Address on March 3, 2025, in response to President Mahama’s State of the Nation Address (SONA), Dr. Amin Adam stated, “The 6.5% depreciation we have witnessed year-to-date in 2025 is not informed by any sustainable strategies from the current government. The current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market.”

He noted that the new government and the Bank of Ghana are only able to intervene in the market because the previous administration left behind gross international reserves worth $8.9 billion.

“The Mahama administration and the Central Bank can only do this 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. The president deliberately avoided mentioning this in his statement,” he added.

Dr. Amin Adam further asserted that the Mahama administration has not introduced any new policies but is instead benefiting from the foundation laid by the Akufo-Addo government.

“Fellow Ghanaians, the true state of the nation is that the exchange rate stability we saw before the end of 2024, which has continued into the first quarter of this year, is not due to any magic from the Mahama government. It is because the Akufo-Addo government left significant international reserves for them,” he stated.

SSD/MA

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