Chief Executive Officer of Dalex Finance, Joe Jackson, says the opposition New Patriotic Party (NPP) deserves some credit for the recent stability of the Ghana cedi.
Speaking on Joy FM’s Super Morning Show during a discussion on the 2024 Mid-Year Budget, Mr Jackson said while the governing National Democratic Congress (NDC) is now managing the economy, some of the progress began under the NPP before they left office.
“Ghana’s economy can be likened to a sick patient who suffered a stroke,” he said.
“In 2022, 2023, and early 2024, we were in the throes of a lot of pain. But by the end of 2024, things were getting better.”
He acknowledged that the economy is still recovering, but stressed that earlier interventions by the NPP contributed to the current state.
“We’ve moved from intensive care in six months to physiotherapy. Yes, we are still in the ward. Yes, we need daily monitoring. Yes, there are going to be possible setbacks. But let’s credit, one those who did the initial care and even more, the new regime of doctors.”
Mr Jackson pointed out that the NDC, since taking over power, has also introduced new measures that have supported recovery. “With the change in doctors, we also changed the medication,” he said. “And the doctors applied a far more rigorous regimen… and we saw a significant jump.”
Commenting on the politicisation of exchange rate comparisons, he cautioned against misleading arguments. “You can’t be talking about forex rates on one hand and then turn around and say it never got to 15 or 17. Let’s stop comparing apples and oranges,” he said.
He urged political commentators to make fair comparisons. “Say what you like, compare Bank of Ghana rates, we’ve still come down from 13–14 to 10.5. Take forex rates, and you will still see a reduction. So it’s neither here nor there.”
Mr Jackson added that while the opposition is not expected to praise the governing party, some of the criticisms are expected. “The role of the opposition is not to cheer the party in power. So, some of it, I hear it, I discount it, and I move on,” he stated.
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