NDC cannot point out one policy behind cedi appreciation – Dr Bawumia

Dr. Mahamudu Bawumia, the former vice president, has made a claim. He says the National Democratic Congress (NDC) cannot identify any policy that helped the cedi appreciate.

Bawumia, who is a former NPP presidential candidate for 2024, dismissed any credit to the NDC. He stated that the Mahama-led NDC government has not implemented policies affecting the currency's performance.

During a discussion with the Young Executive Forum (YEF) in London, he said, “If you ask the NDC to name one policy they have implemented for cedi appreciation, they cannot.” He emphasized that they have only passed their budget in March and have not issued contracts or made payments.

Bawumia explained that without such policies in place, it is incorrect to attribute currency changes to them. He noted there is no implemented policy having an impact yet.

He also mentioned that the NPP anticipated gold's positive effect on Ghana’s economy. In 2022, he highlighted Ghana as Africa's largest gold producer with reserves of 8.7 tons.

He compared this to other countries like the US and UK, which have much larger reserves. Bawumia pointed out that gold can be mined locally without needing exports like cocoa or timber.

He added that globally, the US dollar is declining in value. This decline has also strengthened currencies like Zambia’s Kwacha.

Bawumia criticized current economic management by stating they are not spending enough. For example, he noted they are not paying Independent Power Producers (IPPs), leading to severe power shortages known as dumsor.

In contrast, Dr. Cassiel Ato Forson, the finance minister, believes activities from Goldbod will strengthen the cedi further.