Vice President Dr. Mahamudu Bawumia has attributed the recent appreciation of the Ghanaian cedi against the U.S. dollar to what he described as “sound and effective economic policies” implemented by the ruling New Patriotic Party (NPP) government. He made the remarks during a stop on his nationwide “Thank You” tour, following his election as the NPP’s presidential candidate for the 2024 general elections.
Dr Bawumia said this during his thank you tour. He emphasised that the strengthening of the cedi is not coincidental but a direct result of deliberate macroeconomic measures taken by the government to stabilize the economy and build investor confidence.
“We are seeing the cedi gain strength against the dollar, and this is because of the solid policies we have put in place,” Dr. Bawumia stated. “Inflation is gradually coming under control, our fiscal discipline is improving, and the confidence of both domestic and international investors is returning.”
Dr. Bawumia, who also heads Ghana’s Economic Management Team, highlighted key policy decisions such as improved revenue collection through digitalisation, tighter monetary policy by the Bank of Ghana, and ongoing negotiations with international partners, including the International Monetary Fund (IMF) as part of efforts to stabilize the economy.
He also pointed to increased foreign inflows from remittances, tourism, and exports as contributing factors to the cedi’ performance. “We are seeing the results of years of reforms and investment. The gains we are witnessing are not by chance — they are the fruit of visionary leadership and commitment to transformation,” he added.
The Vice President’s remarks come amid renewed debate about Ghana’s economic recovery path, especially after a period of currency volatility and high inflation that strained households and businesses. The recent appreciation of the cedi which had weakened considerably in 2022 has been welcomed by many in the business community, although some economists have cautioned that long-term sustainability will depend on broader structural changes.
Opposition parties, however, have dismissed Dr. Bawumia’s claims, arguing that the recent improvements are temporary and driven mainly by external financial support rather than domestic policy strength. The National Democratic Congress (NDC) has challenged the NPP to do more to reduce the cost of living and unemployment.
As Dr. Bawumia continues his Thank You tour across Ghana, he is expected to use the platform to highlight the NPP’s achievements and rally support ahead of the 2024 election, where he hopes to succeed President Nana Akufo-Addo.
For now, the Vice President remains confident that the NPP’s economic record will be a strong selling point in their bid to retain power.
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