Dennis Miracles Aboagye, spokesperson for former Vice President Dr Mahamudu Bawumia, has said only businesses are benefiting from the NDC’s artificial cedi manipulation.
It will be recalled that Dennis Miracles Aboagye once claimed during the Akufo-Addo Bawumia regime that if the NDC were in power, the dollar would have hit GHS25.
With the Ghana cedi now trading around 10.75 to a dollar, Beatrice Annangfio quizzed Dennis Aboagye if he would like to apologise for his statement.
She wrote, “Good evening @DennisMiracles, while we don’t expect a fixed exchange rate under the NDC, we seek relative stability, and we are working towards that.
Would you want to apologise for this statement?”, she quizzed.
In a sharp rebuttal, Miracles Aboagye slammed the NDC government for Artificial Currency Manipulation.
He claimed the government is currently manipulating the dollar with only businesspeople benefiting, while the reduction does reflect in consumer prices..
Miracles Aboagye wrote, “When you achieve stability, I will apologise. For now, we don’t even know what to plan with… the dollar moves from 14.5 in 3 months to 10cedis and then within 5 weeks it moves back from 10cedis to 13 cedis, then you inject another $1billion to move it back from 13 to 10 cedis… that’s what you want an apology for?? Stabilise it, let Ghanaians know what to plan with, then you can ask for apology”.
He added, “You actually think you are doing something productive with the dollar? That’s what you think?? Do you know why only businesses are benefiting from this artificial manipulation and why the reduction doesn’t reflect in consumer prices? It’s Becos the businesses know it’s artificial and they can’t risk reducing their prices, else it goes up again tomorrow and their capital is wiped out. What you are doing to the currency is even worse and costly that it staying at 13… only time will tell..”
Additionally, Dr Johnson Asiama, the Governor of the Bank of Ghana, has revealed that the Central Bank occasionally intervene to stabilise the cedi for periods of exceptional market pressure.
The BoG Governor refuted claims that the Central Bank is overstepping its bounds in managing the foreign exchange market.
According to the BoG Governor, the Central Bank’s actions fall within a flexible exchange rate framework aimed only at curbing excessive volatility.
Speaking at the IMF–World Bank Governor Talk Series in Washington, D.C., Dr Asiama explained, “The framework that we have is a flexible exchange rate management framework. Essentially, what we do is smooth excessive volatilities. Yes, there were allegations about whether we were intervening in the market, but that was not exactly the case”
Dr Asiama highlighted that in the second and third quarters of 2025, Ghana undertook several “lumpy” foreign payments, including billions of U.S. dollars to Independent Power Producers (IPPs) and domestic bondholders, adding that at the same time, remittance inflows weakened, draining liquidity from the interbank foreign exchange market.
He added, “In the mix of that, the central bank had to step in. The interbank FX market had dried up, so the central bank had to provide that support”.
“We do not over-support the market at all. What we seek to do is limit volatility to ensure smooth dynamics in the market, and that is the framework we will maintain going forward,” he affirmed.
Also, Dr Johnson Asiama says Ghana’s economy has made a firm recovery after years of instability.
He described Ghana’s economy as being “back on track” following months of policy discipline.
Dr Asiama stated, “We came to meet a challenged economy in the sense that, remember, we had a domestic debt issue in 2022, fiscal policy was highly expansionary. It led to our exiting the international financial market. There was a resort to domestic financing.
“We remember all the sovereign downgrades we had to suffer. We came into office with a lot of liquidity, high inflation, [and an exchange rate that was depreciating widely,” he said.
“And I remember when we came in, there were talks about whether we should cancel the programme altogether, there were doubts as to whether we would be able to carry on the programme.
“But I am happy to say that eight months down the road, we have turned the corner. Ghana is back,” Dr Asiama declared.
The Governor added, “Growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme. Inflation, which stood at 23.5 per cent in January 2025, has since dropped to 9.4 per cent in September — the first single-digit rate in four years, beating the government’s 11.9 per cent target.”
See the post below:
When you achieve stability, I will apologise. For now, we don’t even know what to plan with… the dollar moves from 14.5 in 3 months to 10cedis and then within 5 weeks it moves back from 10cedis to 13 cedis then you inject another $1billion to move it back from 13 to 10 cedis……
— Dennis Edward Aboagye (@DennisMiracles) October 19, 2025