Dr. Tiah Abdul-Kabiru Mahama, Member of Parliament for Walewale and former Economic Advisor to Dr. Mahamudu Bawumia, has refuted claims that the New Patriotic Party (NPP) administration handed over a depreciating currency when it passed the baton to the current government.
In an interview on Wednesday, May 21, Dr. Abdul-Kabiru firmly dismissed allegations that the cedi was in crisis prior to the government transition. He explained that currency performance varies based on factors like reserves and the external sector’s health.
While economic conditions may differ between governments, Dr. Kabiru emphasized that the cedi had already been on a recovery path before the change in leadership. He pointed out that although the local currency hit a low of GHS 16 to the dollar in November 2024, it had since shown signs of improvement.
“The NPP did not leave behind an unstable currency,” he stated. “In fact, if they choose to take full credit, we can acknowledge that the currency has been appreciating against the dollar from May 1 to May 20.”
He concluded by reaffirming that the cedi’s decline to GHS 16 in late 2024 had already been addressed, and the currency was on a steady recovery when the NPP handed over to the Mahama government.
