Dr Cassiel Ato Forson, the finance minister, has quizzed the former Vice President, Dr Mahamudu Bawumia why he did not stabilise the cedi in the eight years he was in office.
Ato Forson asked Bawumia if he knew he could stabilise the cedi, why didn’t he do it during the eight years of office?
It will be recalled, Dr Mahamudu Bawumia claimed that the National Democratic Congress (NDC) cannot point out one policy behind the appreciation of the cedi.
According to Dr Bawumia, the Mahama-led NDC government has not implemented a policy that could have contributed to the currency’s performance.
However, Ato Forson responded to Dr Bawumia, telling him, the NPP was indisciplined and they the NDC is disciplined.
Speaking on PM Express on JoyNews, Ato Forson detailed, “First of all, let me name one policy, number one, they were indisciplined, we are disciplined, that is the bottom line. 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 per cent, and when that happens, you deplete your reserves. It is not happening now. 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?
First of all, I want to make this point to him: if, for example, he knows that he could do this, why didn’t he do it during the eight years in office? He was there as Vice President and Chairman of the Economic Management Team.
He touts himself as the messiah; he has always been touting himself as the messiah, and he said he was going to fix it. Eight years in office, why could he do what we are doing?
Ato Forson further revealed that Ghana is not burning its reserves and now has 4.8 months of import cover.
He added, “As I am speaking, we are not burning reserves; we have 4.8 months of import cover by the end of the year, and we will be exceeding 5 months of import cover. The buffer is what I am talking about. Four months of import cover is a good buffer.
By the end of the month, after 6 months, we have been able to accumulate 2 billion in excess additional reserves. In another 6 months, we will be able to do more, and that will shoot us. I can say without mincing words, the Central Bank is doing what they have to do”.
Meanwhile, Dr Cassiel Ato Forson, speaking during the presentation of the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, 2025, stated in the Ghanaian local language, he stated “Ghana cedi no apicki”.
The finance minister noted that the cedi’s appreciation is already contributing to price stability.
Watch the video below:
Mid-Year Budget Review: If he [ Dr. Bawumia] knows he could do this [stabilizing the cedi], why didn’t he do it during the eight years of office – Ato Forson.#JoyNews #PMExpress #MidYearBudgetReview pic.twitter.com/LMRqR3JsuT
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