Former Vice President Dr. Mahamudu Bawumia has firmly stated that the NDC has no policy behind cedi gains. He explained that the recent improvement in the Ghanaian cedi cannot be linked to any policy decision made by the opposition National Democratic Congress. According to him, the gains are due to earlier strategic policies from his government, not from any action by the NDC.
Speaking at the Young Executive Forum (YEF) in London during his Thank You Tour in the UK, Dr. Bawumia challenged claims that the NDC deserves credit for the current exchange rate improvements. He stated clearly that the NDC has no policy behind cedi gains, and any such suggestion is baseless.
“Ask the NDC to mention just one policy they have actually implemented that led to the appreciation of the cedi—they cannot name even one,” Bawumia emphasized.
He further explained that the NDC only passed their budget in March and has not yet made any real expenditures or started any projects that could affect the currency. As a result, he argued that the NDC has no policy behind cedi gains, and the credit should go to measures from the previous government.
Dr. Bawumia highlighted his government’s gold purchase programme as one of the key drivers of the cedi’s strength. He said this initiative allowed Ghana to increase its gold reserves from 8.7 tons to 30 tons in just two years, raising over $5 billion to support the economy.
“While we went to the IMF for $3 billion, the gold programme brought us $5 billion locally. That helped strengthen the currency,” he noted.
He also stressed that gold is a more sustainable way to build reserves compared to exports like cocoa or oil. The programme was part of a larger effort to protect the economy and prevent collapse. Dr. Bawumia insisted that these results show that the NDC has no policy behind cedi gains, and it was the previous administration’s foresight that made the difference.
Additionally, he pointed to global trends such as the weakening of the US dollar and the NDC’s current lack of spending, including unpaid contractors and IPPs. While that has a temporary effect on the cedi, he noted that long-term stability comes from the solid policies his team put in place.
Dr. Bawumia concluded by saying that without programs like the gold purchase and gold-for-oil, Ghana’s economy would be in crisis.
“We laid the foundation, and it’s up to the current government to maintain it. But clearly, the NDC has no policy behind cedi gains.”
