Former Minister of Trade and Industry, Dr. Ekwow Spio-Garbrah, has credited the recent stability and appreciation of the Ghana cedi to deliberate and competent economic governance, taking a sharp jab at the previous New Patriotic Party (NPP) administration for its failure to deliver similar results during its tenure.
Speaking in an exclusive interview on the yet-to-be aired JoyNews‘ Upfront, he described the appreciation as the result of deliberate government efforts.
Mr Spio-Garbrah pushed back against claims that the gains are artificial or unsustainable.
“If it was artificial, why didn’t that take place or occur last year under the NPP?” he challenged. “If it’s so artificial, any magician should just pull that ratio out of the hat and then have a GH₵ 5 cedis to $1 exchange rate. But it takes intelligence. It takes capacity. It takes experience to know how to juggle or massage the economic activities,” he noted.
According to him, the cedi’s performance in the last 690-plus days marks its most notable period of recovery in recent memory. The improvements, along with easing inflation and falling prices in key sectors, have given many Ghanaians a renewed sense of economic optimism.
He further expressed surprise and optimism over current market trends, stating, “For the first time in a long time — at least in my generation — prices are coming down. Fuel prices are coming down, spare parts prices are coming down, and even traders are appealing to each other and reducing prices.”
He cited viral videos circulating online showing market traders honking horns and chanting “Reduce prices! Reduce prices!”—a grassroots movement he described as a “national slogan” for economic relief. “Most people have not seen price reductions in a long time for any kind of goods and services,” he said, calling it “a great time for any economy.”
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