Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has credited the recent appreciation and stability of the cedi to disciplined financial management, distancing it from political slogans or hollow narratives. This assertion was in direct response to former Vice President Dr. Mahamudu Bawumia, who had challenged him to name a specific policy behind the cedi’s current strength.
Appearing on JoyNews’ PM Express, Dr. Forson emphasized that the turnaround was not accidental but the result of a strategic departure from the fiscal recklessness that marked the previous administration’s tenure.
“They were indisciplined. We are disciplined. That is the bottom line,” Dr. Forson stated firmly.
He accused the former government of engaging in unrestrained expenditure, supported by excessive currency printing by the central bank—an approach he said led to dangerous inflation levels and dwindling reserves.
“They were spending recklessly when the central bank was printing money as if there was no tomorrow. At one point, they printed until inflation reached 54%. You know, when that happens, you deplete your reserves. It is not happening now,” he explained.
“The central bank is not printing. The Government of Ghana has been disciplined. The fiscal consolidation is happening. So why won’t you build reserves?” he added.
Dr. Forson’s remarks followed his presentation of the 2025 Mid-Year Fiscal Policy to Parliament, where the performance of the cedi was a key talking point. On the show, he turned the spotlight on Dr. Bawumia’s eight-year stint as head of the Economic Management Team, questioning why similar policies were not enforced under his watch.
“If, for example, he knows that he could do this, why didn’t he do it during the eight years of office? He was there as Vice President and Chairman of the Economic Management Team,” Dr. Forson queried.
Pressed on whether Dr. Bawumia genuinely wielded influence in his position, he responded sharply: “He was the Chairman of the Economic Management Team. Remember, he touts himself as the Messiah, and he said he was going to fix it. He had eight years in office. There was a time he said that he had arrested the cedi. Why couldn’t he do it?”
When asked if he could now confidently claim to have “arrested” the cedi, Dr. Forson adopted a measured tone.
“I can’t say I have arrested the cedi. The cedi has appreciated, that is what I can say,” he noted.
JoyNews’ Evans Mensah pointed out that the cedi had appreciated by 42.6% within the year and pressed Dr. Forson to take credit for the achievement. The Finance Minister, however, insisted his priority was to sustain the gains made so far.
“Let me say that I’m very focused. We want to ensure that we’ll end the year with the same level of appreciation. We want to make sure that this level of appreciation and the stability we are seeing are sustained. That is where my focus is,” he said.
And when asked one last time why he wouldn’t claim to have “arrested” the cedi, Dr. Forson offered a light-hearted response: “I’m not a policeman.”
