Though the FSLN lost power to the UNO coalition headed by Violeta Barrios de Chamorro in 1990, Ramírez continued to serve as the leader of the Sandinista block in the National Assembly until 1995, when he founded the Movimiento de Renovación Sandinista (MRS) because of his differences with other leaders of the FSLN, such as former president Daniel Ortega, on issues of democratic reform. He has since become retrospectively critical of certain Sandinista policies that he views as having turned the country against the FSLN.
In 1990, he founded La Quincena, a political journal based in Managua that would be published for ten years. He is presently a columnist for La Prensa as well as several newspapers around the world, including El País, La Jornada, El Nacional, El Tiempo and La Opinión. He is also the Director of Carátula, a Central American cultural e-magazine.