Economist and Finance Professor at the University of Ghana, Professor Godfred Bokpin, has stated that the New Patriotic Party (NPP) laid the foundation, which has culminated in the increased strength and stability of the Ghanaian Cedi.
According to him, the NPP’s policies such as the Gold-for-Reserves programme, significantly yielded huge benefits, translating into the current stability of the local currency, creating the foundation, upon which the current government is building.
In his opinion, the current National Democratic Congress (NDC) government cannot wholly take the credit for the Cedi’s high performance against major currencies.
During an interview on Citi FM on Wednesday, May 21, Professor Bokpin noted that although several factors influence the cedi’s performance, the economic decisions made by the previous NPP government after the elections played a major role.
He pointed to stronger macroeconomic indicators and the sustained implementation of key policies as reasons behind the cedi’s stability.
He averred that “To some extent, the NPP should be given some credit. If you look at the data after December 2024, after the election under the IMF programme, we missed practically all the indicators, except for two’’.
Prof. Bokpin continued that “One was GDP growth, which was higher than the programme’s target. We ended the year with 5.7%, and the other was our international reserves.”
Professor Bokpin stressed that the current stability in the foreign exchange market is the outcome of a solid policy foundation built over time, attributing the cedi’s relative steadiness to a consistent application of sound economic policies across successive governments—particularly in the management of foreign reserves.
He noted that the consistent approach to managing foreign reserves has been a key factor in maintaining the relative stability of the foreign exchange market.
Source: BestNewsGH.com
