Former Vice President Dr. Mahamudu Bawumia has pushed back against claims that the recent rise in the value of the Ghanaian cedi is due to economic strategies implemented by the current National Democratic Congress (NDC) administration.
Finance Minister Dr. Cassiel Ato Forson had previously attributed the cedi’s appreciation—reportedly 16.7% against the US dollar as of May 13, 2025—to deliberate and coordinated fiscal and monetary policies, coupled with favorable global trends.
“This upward trend is being driven by a strong policy framework, with monetary and fiscal strategies working in tandem, supported by a conducive international environment,” Dr. Forson noted.
Speaking at the Young Executive Forum (YEF) in London during his UK “Thank You Tour,” Dr. Bawumia, who was the New Patriotic Party’s (NPP) 2024 presidential candidate, refuted this assertion. He challenged the NDC to identify any concrete, implemented policy responsible for the cedi’s current momentum.
“If you ask the NDC to name a specific policy that has actually been put into action and resulted in the appreciation of the cedi, they won’t be able to,” Bawumia stated.
He argued that given the limited expenditure so far under the current budget, the appreciation cannot be linked to the NDC’s efforts. Instead, he credited key initiatives launched under the former NPP administration, particularly those related to gold.
Bawumia highlighted the gold purchase and gold-for-oil programmes, both introduced during his tenure, as crucial lifelines that prevented a full-blown economic collapse.
“In 2022, when things looked bleak, I emphasized that Ghana—Africa’s top gold producer—wasn’t utilizing its gold reserves, which stood at just 8.7 tons at the time,” he said. “Without those gold-backed policies, we wouldn’t have had access to the $5 billion needed to support the economy.”
He concluded by stressing that while the foundation laid by the NPP continues to provide economic stability, the future of the cedi will depend on how effectively the current administration builds upon that groundwork.
