Recently, Dr. Bawumia raised some questions about the new NDC government's actions and how they might have helped the Ghana cedi (our currency) get stronger. He pointed out that they only passed their budget in March, so he thinks their early successes are just luck.
But let’s be clear: running a country isn’t just about making budgets or signing contracts. It’s about building trust, showing a clear plan, and changing the way people feel after years of poor economic choices.
Markets don’t just pay attention to budgets; they care about trust. Since January, the new government has been working hard to make people feel more confident about the economy by:
- Being careful with money
- Removing heavy taxes
- Moving away from the old economic strategies
Investors, whether they are from Ghana or other countries, are smart. They see that this is a fresh start. Just the announcement of a skilled team was enough to change how people felt about the economy.
Dr. Bawumia’s comments miss a big part of the story: how regular people feel about the economy.
For example:
- Filling my gas tank used to cost me 1,200 cedis, but now it’s only 1,000 cedis.
- A plane ticket that used to cost 16,000 cedis now costs 12,700 cedis.
- The annoying e-levy on mobile money transactions is gone!
These changes aren’t just random; they show real improvement.
To quote Dr. Bawumia himself:
“You can do all the propaganda in the world, but if the fundamentals are weak, the exchange rate will expose you.”
Well, the basics of our economy are getting better, and the cedi is showing the problems from the past eight years of poor financial decisions.
If Dr. Bawumia is so proud of his time in office, why is he trying to downplay the early successes of the new government? The truth is, his own record of economic struggles makes these early wins stand out even more. It’s like inheriting a house that’s on fire; just putting out the flames is a big deal!
Here are some important policies that have been put in place:
- Ending the e-levy
- Removing import taxes on important goods
- Strengthening the Bank of Ghana’s independence
- Being careful with spending in the first 100 days (unlike previous governments)
Dr. Bawumia’s comments seem more like a political complaint than a real economic analysis. But as he once said:
“The exchange rate has no party colours.”
And right now, that exchange rate is showing positive signs—quietly and confidently.
No matter what political party we support, when Ghana does well, we all benefit!
Written by Dr. Sangu Delle
Global Leader in Healthcare, Finance & Academia | CEO, Investor & Philanthropist