Member of Parliament for Tano North Constituency in the Bono Region, Dr. Gideon Boako, has credited the former New Patriotic Party (NPP) administration, led by Dr. Mahamudu Bawumia, for building the strong foreign reserves that are currently supporting the Ghanaian Cedi.

In a statement responding to comments made by NDC National Communications Officer Sammy Gyamfi, Dr. Boako dismissed suggestions that the NPP mismanaged the economy, asserting that the current government's ability to inject significant foreign exchange into the economy is due to prudent planning by the previous administration.

According to Dr. Boako, the NPP government strategically focused on strengthening both Ghana’s gold reserves and gross international reserves before initiating interventions to stabilise the cedi.

He acknowledged that injecting dollars into the economy to slow depreciation is not a sustainable long-term solution, but emphasised that it was made possible by the reserve buffers built by the NPP.

He revealed that under the terms of Ghana’s agreement with the International Monetary Fund (IMF), the country was initially restricted to just $60–$80 million in monthly market interventions.

However, by December 2024, the NPP administration had exceeded the IMF’s benchmark of three months of import cover, prompting the lifting of those restrictions.

“This removal is what has enabled the current government to inject virtually all the gold proceeds from January to date into the market to contain the depreciating cedi,” Dr. Boako explained.

He cautioned that the current administration appears to be depleting the reserves without making efforts to rebuild them for the future.

“My worry is that the current government does not seem concerned about continuing to build on the reserves. If the NPP had not thought about the future, we would be suffering today,” he said.

Dr. Boako urged the government to adopt a forward-looking approach similar to that of the previous administration and continue building reserves to protect the economy from future shocks.

He concluded by calling on critics to acknowledge the foresight of Dr. Bawumia and the NPP.

“You should thank Bawumia and the NPP for building such a solid reserve for you to enjoy. Don’t be ungrateful,” he said