'We haven’t arrested the cedi, we’re massaging it' - Isaac Adongo

Bank of Ghana Board Member Isaac Adongo says the cedi has not been arrested. This was a promise made by the previous government.

He claims the NDC administration is “massaging” the currency. They aim to bring it back to a sustainable level through policy coordination with the Ministry of Finance.

Speaking on JoyNews’ PM Express, he dismissed claims of dramatic intervention. The Bolga Central MP noted that during the Akufo-Addo/Bawumia era, the US dollar soared uncontrollably. He believes the current administration knows how to stabilize things.

“No, we have not arrested the cedi,” Mr. Adongo told host Evans Mensah. “The man who arrested it is out there.”

He explained that they are gradually massaging the cedi to find its true level. The Mahama-led administration seeks stability rather than sharp appreciation.

“What we want is stability, not a jump from ¢15 to ¢3,” he said. They aim for a level that supports the economy.

Mr. Adongo noted that current measures reflect a joint strategy between the Bank of Ghana and Finance Ministry. “This is intentional policy implementation,” he stated.

Both institutions are collaborating under Finance Minister Dr. Cassiel Ato Forson’s leadership. He emphasized these early steps provide relief while addressing food inflation.

“This is an initial remedy for Ghanaians while tackling food inflation,” Mr. Adongo said.

In a political jab, he warned currency speculators about their behavior. “We want them to know: ‘Akufo-Addo and Bawumia are gone.’ It’s now Ato Forson and John Mahama.”

He added that if speculators misbehave, they will face consequences. Isaac Adongo's comments come amid cautious optimism about the cedi's performance under NDC leadership.

However, he clarified this isn’t magic; it’s consistent policy and restoring economic discipline.