Finance Minister Dr. Cassiel Ato Forson says he will not follow in the footsteps of former Vice President Dr. Mahamudu Bawumia by claiming to have “arrested” the Ghana cedi.
The Minister, who presented the 2025 Mid-Year Fiscal Policy Review to Parliament earlier in the day, appeared on PM Express on JoyNews, where he took a direct swipe at what he described as past fiscal recklessness.
“I can’t say I have arrested the cedi, the cedi has appreciated, that is what I can say,” Dr. Forson stated in response to suggestions that the government had finally achieved stability for the local currency. When pressed further, he added pointedly, “I’m not a policeman.”
The Finance Minister rejected Bawumia’s assertion that the recent appreciation of the cedi was not the result of any specific policy by the current administration but rather due to global trends, including U.S. tariff changes and the weakening dollar.
“So first of all, let me name one policy. Number one, they [Akufo-Addo administration] 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%. You know, 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?”
Dr. Forson turned his attention squarely on Bawumia, questioning why the man who had touted himself as an economic saviour could not deliver on his promises during his tenure.
“If, for example, he knows that he could do this, why didn’t he do it during the 8 years of office. He was there as Vice President and chairman of the economic management team.”
When host Evans Mensah pointed out that Bawumia wasn’t the boss, Forson countered, “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, why couldn’t he do what we are doing. Dr. Mahamudu Bawumia had eight years in office. There was a time he said that he has arrested the cedi. Why couldn’t he do it?”
Despite the host citing data showing a 42.6% appreciation of the cedi and urging the minister to lay claim to success, Forson maintained a cautious stance.
“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 is sustained. That is where my focus is.”
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