Former Finance Minister, Dr. Kwabena Duffuor has criticized the Akufo-Addo government’s handling of the cedi’s depreciation, arguing that the currency performed better under the National Democratic Congress (NDC’s) tenure.

Speaking on Ultimate FM with Julius Caesar, Dr. Duffuor contrasted the NDC’s performance with that of the current administration, highlighting the relative stability of the cedi during the NDC’s time in office.

“There was a time we could be talking about cedi depreciation of less than 5% in 2010 and 2011; under the present administration, the cedi has depreciated by over 30% every year,” he stated.

He underscored the NDC’s expertise in managing the cedi and expressed confidence in their ability to address the current challenges. Dr. Duffuor sought to reassure Ghanaians that the cedi’s predicament is not formidable.

“We have the expertise to manage the cedi because we have done it before. I want to assure my fellow Ghanaians, it is not true that nothing can be done about the cedi,” he said.

Dr. Duffuor outlined potential policy measures an NDC government would implement to strengthen the cedi, including programs to increase government revenue and address structural challenges in the economy. Specific proposals included increasing Ghana’s stake in oil and gold companies and establishing retention accounts for these companies.

He lamented the current government’s failure to maximize Ghana’s share of profits from these vital sectors.

“For example, in 2021, we exported about $3.9 billion worth of oil, and our portion was about $500 million. The same year, we spent $2.7 billion to import petroleum products. So the structural challenges must be corrected to be able to have a strong currency,” Dr. Duffuor concluded.