Economic Advisor to the Vice President, Dr Sharif Mahmud Khalid
Economic Advisor to Vice President Professor Jane Naana Opoku-Agyemang, Dr Sharif Mahmud Khalid, has countered claims by former Vice President Dr Mahamudu Bawumia that the recent appreciation of the Ghanaian cedi is due to policies implemented by the previous New Patriotic Party (NPP) administration.
During an interaction with the Young Executive Forum in London, as part of his Thank You Tour, Dr Bawumia argued that the cedi’s recent stability results from the gold reserves initiative introduced under the Akufo-Addo government.
He challenged the current administration to name any policy they have implemented that has contributed to the cedi’s appreciation.
However, speaking on CitiFM on May 20, 2025, Dr Khalid emphasised that the cedi’s recent gains can be attributed to the current government’s fiscal discipline, expenditure cuts, and commitment to economic programs.
He questioned the effectiveness of the previous administration’s gold-for-oil program, noting that the cedi was not performing as expected and inflation was rising during its implementation.
“You would see that even in the wake of the gold-for-oil programme, the Cedi was not performing as it should, and inflation was still rising. So, where is this claim coming from?” he questioned.
Dr Khalid further argued that the current administration inherited an overheated economy characterised by negative indicators, including central bank losses and a domestic debt exchange program.
He credited the government’s commitment to painful reforms, such as the domestic debt exchange program and engagement with the International Monetary Fund (IMF), for the observed macroeconomic stability.
ID/MA