Economist and Finance Professor at the University of Ghana, Professor Godfred Bokpin, has stated that the New Patriotic Party (NPP) deserves partial credit for the current stability of the Ghanaian cedi.
He cited improved macroeconomic indicators and the continuity of certain policies as factors contributing to the cedi’s resilience.
Speaking in an interview on Citi FM on Wednesday, 21 May, Professor Bokpin acknowledged that while multiple elements are responsible for the cedi’s performance, the previous NPP government’s post-election economic management had a significant impact.
“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,” he explained.
“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.”
He pointed out that the former government’s efforts, particularly through the Gold-for-Reserves programme, helped shore up foreign reserves — a move that created a foundation for the current administration to build upon.
He emphasised that this foundation has played a role in stabilising the foreign exchange market.
Professor Bokpin concluded that the relative currency stability being experienced is not the result of a single government’s action but rather a continuation of prudent policies.
“Such policy continuity, especially in the management of foreign reserves, has contributed to the relative stability observed in the foreign exchange market,” he noted.
