Former Vice President Dr Mahamudu Bawumia has dismissed claims that the current National Democratic Congress (NDC) government deserves credit for the recent appreciation of the Ghana cedi.
According to Dr. Bawumia, the NDC has not implemented any policy that could have contributed to the currency’s performance. He made this statement during an interaction with the Young Executive Forum in London as part of his Thank You Tour of the UK.
Dr. Bawumia challenged the NDC to point out a single policy they have implemented that resulted in the appreciation of the cedi, saying “They cannot tell you one that has been implemented, not just talked about, but actually implemented.”
He explained that the NDC only passed its budget in March and had not undertaken any real expenditure or projects that could influence the currency’s appreciation.
Dr. Bawumia attributed the current gains of the cedi to strategic policies implemented during his time in government, particularly the gold purchase programme. He noted that this programme increased Ghana’s gold reserves from 8.7 tons to 30 tons in two years, worth $5 billion.
The former Vice President also cited global currency trends and domestic expenditure controls as other reasons behind the current exchange rate dynamics. He added that the NDC’s lack of spending is having a temporary effect on the cedi.
Dr. Bawumia concluded that the programmes he led prevented an economic collapse and would maintain currency stability in the long term, pending prudent management by the current government.
