Former Vice President Dr. Mahamudu Bawumia has dismissed claims that the recent appreciation of the Ghana cedi is the result of any economic policy implemented by the National Democratic Congress (NDC) government.
Finance Minister Dr. Cassiel Ato Forson had earlier credited the currency’s improved performance to a deliberate and well-coordinated policy framework, rejecting suggestions that the appreciation is a fluke.
According to him, the cedi, which had appreciated by 16.7% against the US dollar as of May 13, 2025, is benefitting from synchronized fiscal and monetary policies, alongside favourable global conditions.
“This rally stems from a robust policy framework, underpinned by synchronized monetary and fiscal measures, as well as a favorable global context,” Dr. Forson said.
However, addressing the Young Executive Forum (YEF) in London as part of his Thank You Tour of the UK, Dr. Bawumia, who was the 2024 flagbearer of the NPP, challenged the claim and said the government cannot name any specific policy responsible for the appreciation.
“If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi, they cannot tell you one that has been implemented—not talked about, but actually implemented,” he stated.
Dr. Bawumia argued that with no significant spending yet under the current budget, it would be inaccurate to attribute the cedi’s appreciation to NDC-led initiatives.
He further suggested that if any policies deserve credit, they should be those introduced under the former NPP administration, particularly the gold-related interventions he spearheaded.
“For me, we had anticipated the impact of gold on this economy. I talked about it when we got into dire straits in 2022, and I said that when you look at Ghana being the largest gold producer in Africa, our reserves of gold at that time was 8.7 tons.
“If we had not instituted the gold purchase programme as well as the gold-for-oil programme, our economy would have collapsed. Where would we have gotten $5 billion just to support the economy? You wouldn’t have gotten it.”
Dr. Bawumia added that the policies laid by the previous government are what have created a cushion for the economy, though he cautioned that how the current managers build on that foundation will determine whether it would be sustained.
