Ghanaian legal practitioner Austin Kwabena Brako-Powers contends the recent appreciation of the cedi against the dollar stems not solely from actions by the current National Democratic Congress (NDC) government but also builds on foundations laid by the preceding New Patriotic Party (NPP) administration.
Speaking on TV3’s Key Points on August 2, Brako-Powers emphasized, “We are enjoying this not because of NDC alone but also because of the foundation by the previous government.”
Contrasting this view, University of Ghana political science lecturer Dr. Joshua Jebuntie Zaato asserted the Mahama-led administration merits credit for the currency gains, given they occurred under its stewardship. “Whether it is luck or not, the appreciation is happening under the NDC; they can take credit for that,” Zaato stated during the same program.
The economic implications extended beyond currency valuation, as Dalex Finance CEO Joe Jackson linked cedi strength to reduced public debt. Jackson argued that those claiming credit for the appreciation must similarly acknowledge the debt decline. “Who takes credit for the appreciation of the cedi? It has to be the current managers of the economy,” he noted on August 2, citing fiscal discipline and external factors.
His remarks followed accusations by Parliament’s Minority NPP caucus that Finance Minister Dr. Cassiel Ato Forson misleadingly attributed debt reduction to the current government.
In a July 29 statement, the Minority disputed Forson’s claim that prudent management lowered Ghana’s debt-to-GDP ratio from 61.8% in December 2024 to 43.8% by June 2025. Spokesperson Mohammed Amin Adam contended the reduction primarily resulted from debt restructuring initiated under former President Nana Akufo-Addo, including $5 billion in cancellations and $4.7 billion in service savings.
The Minority further challenged Forson’s citation of improved credit ratings, noting agency Fitch tied its June 2025 upgrade directly to the NPP’s October 2024 Eurobond restructuring. “How do you criticise an exercise and accept the product of the same exercise?” Adam questioned, dismissing the claims as “propaganda economics.”