Dr. Tiah Abdul-Kabiru Mahama, Member of Parliament for Walewale and former Economic Advisor to Dr. Mahamudu Bawumia, has clarified that the New Patriotic Party (NPP) did not leave behind a collapsing or depreciating Ghana cedi when it handed over power to the current government.
Speaking during an interview on Channel One TV on Wednesday, May 21, 2025, Dr. Abdul-Kabiru addressed growing concerns about the Ghana cedi to dollar exchange rate and dismissed claims that the local currency was in crisis before the transition in leadership.
“The level of appreciation may differ based on how much reserves you have accumulated and how your external sector is performing,” he stated, highlighting key economic indicators influencing currency strength.
Dr. Abdul-Kabiru emphasised that under the Nana Addo-led NPP administration, the Ghana cedi was already showing signs of recovery and stability before the government change.
He recalled that the cedi had hit a low of GH¢16 per US dollar in November 2024 but had since begun to appreciate due to better fiscal and monetary policies implemented by the previous administration.
“It is not the case that the NPP handed over a currency that was not stable. At least we can give credit if they want to take the full credit. We can say that the currency is appreciating against the dollar from May 1 to May 20, for the last three weeks,” he noted.
According to Dr. Abdul-Kabiru, trends in the cedi’s performance reflected an ongoing recovery phase, not a currency in free fall.
“The cedi went down to GHC16 from November 2024, and the government started bringing it down. The cedi was on a downward and stable trend. It wasn’t that the cedi was in crisis when the NPP government handed over to the Mahama government,” he stressed.
This clarification adds to the ongoing national conversation on the current state of Ghana’s economy, the strength of the cedi, and the legacy of the NPP’s economic management.
