The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Tameklo, has dismissed claims by the opposition New Patriotic Party (NPP) suggesting that the government is taking extraordinary measures to stabilise the cedi, insisting that the current strength of the local currency is the result of sound economic management — not Eurobond borrowing.

Responding to comments made by the Member of Parliament for Ofoase-Ayirebi, Kojo Oppong Nkrumah, the NPA CEO said Ghanaians are already witnessing the benefits of a stronger cedi through reduced fuel prices and greater market stability.

“Ghanaians are happy with a stronger cedi reflected in cheaper fuel prices,” the NPA CEO said.

“At least, no one is using Eurobonds to shore up the strength of the cedi — that is distinct from your dubious record in government.”

His remarks come after Mr. Oppong Nkrumah, a leading member of the NPP, stated that “no strange thing has been done by the Bank of Ghana” to manage the cedi’s recent appreciation.

The NPA CEO, however, countered that the difference lies in fiscal discipline and prudent policy, not artificial interventions or external borrowing.

He added that under the current administration, the government has avoided reliance on Eurobonds to stabilise the economy — a practice he accused the NPP of using during its time in power to create a false sense of economic strength.

Economic analysts note that the cedi has recently shown modest gains against major trading currencies, a development that has contributed to declining pump prices and reduced import costs.

The NPA CEO’s remarks are the latest in a series of exchanges between government officials and opposition figures over the management of the cedi and the broader economy.