Minister for Government Communications, Felix Kwakye Ofosu, has strongly criticised the Minority for attempting to dissociate themselves from the severe depreciation of the Ghanaian Cedi that occurred during their time in office. Contributing to the 2026 Budget debate, he argued that the previous administration left behind a currency that had suffered a dramatic collapse.
“Mr Speaker, the Ghanaian Cedi suffered a catastrophic collapse under the watch of our colleagues on the other side,” he asserted.
According to him, the depreciation experienced during that period was not a mild drop but a historic decline. By the time the former government exited office, he said, the Cedi had lost significant value against major international currencies, creating widespread economic pressure.
Mr Kwakye Ofosu disclosed that some forex bureaus were selling the US dollar at GH¢17 when the Minority was leaving power, stressing that such figures reflect undeniable mismanagement.
“By the time they left office, you could buy a dollar at GH¢17 in some forex bureaus,” he emphasised, describing the situation as clear evidence of poor economic stewardship.
He noted that the steep fall in the currency had ripple effects across the economy, affecting businesses, investors, and ordinary Ghanaians. He insisted that exchange rate performance is a factual economic indicator that cannot be altered or reinterpreted for political convenience.
“Economic analysis relies on metrics that are not subject to interpretation or opinion,” he said, adding that the Minority cannot evade responsibility for the state of the currency they handed over.
Mr Kwakye Ofosu concluded by urging the Minority to demonstrate honesty during the budget debate, insisting that acknowledging the true condition of the economy is essential for sound economic decision-making.
“The record speaks for itself, and they must accept the consequences of their own stewardship,” he remarked.
