Nana Addo’s $8.9bn reserves key to exchange rate stability – Amin Adam
Former Finance Minister Mohammed Amin Adam has attributed Ghana’s current exchange rate stability to the substantial international reserves left by the Akufo-Addo administration.
Speaking at the True State of the Nation address in Accra on Monday, March 3, Amin Adam emphasized that these reserves have played a crucial role in maintaining the stability of the Ghanaian cedi.
“The rate of 6.5% depreciation we have witnessed here to date in 2025 is not informed by any sustainable strategies by the current government. The current disparity between inflation and the rate of depreciation is evidence of heavy central bank intervention in the market,” he stated.
He explained that the Mahama administration and the Bank of Ghana have been able to intervene in the market due to the $8.9 billion gross international reserves left by the previous government at the end of 2024. These reserves, he noted, have been instrumental in stabilizing the cedi.
“The Mahama administration and the Central Bank can do this, but this is happening only 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, as you know, avoided this in his statement,” Adam added.
He further stressed that the stability of the exchange rate, both before the end of 2024 and into the first quarter of 2025, is not a result of any new policies introduced by the Mahama government but rather the reserves inherited from the Akufo-Addo administration.
“Fellow Ghanaians, the true state of the nation is that exchange rate stability which we saw before the end of 2024 and which has continued into the first quarter of this year is not by any magic from the Mahama government. It is because the Akufo-Addo government left significant levels of international reserves for them,” he said.
