Finance Minister Dr. Cassiel Ato Forson has distanced himself from the controversial claim of “arresting the cedi,” famously made by former Vice President Dr. Mahamudu Bawumia during his tenure as head of Ghana’s Economic Management Team.
Speaking on JoyNews’ PM Express after presenting the 2025 Mid-Year Budget Review to Parliament, Dr. Forson said while the local currency had seen significant gains, he would not make exaggerated claims.
“I can’t say I have arrested the cedi. The cedi has appreciated, that is what I can say. I’m not a policeman,” he stated.
He sharply criticized the previous NPP administration for what he described as fiscal recklessness, pointing out that the central bank under their leadership printed money excessively, contributing to record inflation and depleting reserves.
“They were spending recklessly… At one point, they printed money until inflation reached 54%. That’s not happening now. We’re disciplined, we’re consolidating, and we’re rebuilding reserves,” he added.
Dr. Forson questioned Bawumia’s credibility, asking why the former vice president failed to stabilize the cedi during his eight years in office, despite positioning himself as an economic “messiah.”
“If he knew how to fix the economy, why didn’t he do it? He had eight years as chairman of the economic management team,” Forson argued.
Despite a 42.6% appreciation of the cedi in recent months, Dr. Forson remained measured in his remarks, stating that the government’s focus was on sustaining macroeconomic stability through fiscal discipline, not political showmanship.
