- Isaac Adongo says recent cedi stability is due to coordinated policy, not coincidence
- Credits disciplined leadership under John Mahama and Finance Minister Ato Forson
- Describes collaboration between Bank of Ghana and Finance Ministry as key
Bank of Ghana Board Member and MP for Bolgatanga Central, Isaac Adongo, has attributed the recent stability of the Ghanaian cedi to coordinated and purposeful policy decisions rather than mere chance.
Speaking on JoyNews’ PM Express on Wednesday, May 14, Adongo said the era of what he termed “reckless” monetary management under President Nana Akufo-Addo is over. He credited the current calm in the currency market to disciplined leadership from President John Mahama and Finance Minister Dr. Cassiel Ato Forson.
“This is not accidental,” he emphasized. “It’s the result of an intentional policy approach, with both the Finance Ministry and the Bank of Ghana working together in sync.”
When asked by host Evans Mensah whether the cedi had now been “arrested”—a throwback to Dr. Mahamudu Bawumia’s 2014 statement—Adongo replied with a touch of sarcasm: “No, we haven’t arrested the cedi. The man who arrested it is still out there. What we’re doing now is gently guiding the cedi to find its true market level.”
As Ranking Member on Parliament’s Finance Committee, Adongo underscored that this approach is not about showmanship, but about strategic action that sends the right signals to the market.
“We’re telling the market clearly—this is a new era. Akufo-Addo and Bawumia are no longer in charge. Now it’s John Mahama and Ato Forson. If you act irresponsibly, we’ll take you on. And they’re starting to listen.”
He stressed that the objective is not to force an unrealistic appreciation of the currency, but to establish sustainable macroeconomic stability.
“Our goal isn’t to suddenly shift the exchange rate from ¢15 to ¢3. We want the cedi to settle at a level that supports real economic growth.”
Adongo added that while short-term relief is important, the long-term focus is on addressing structural issues like inflation—particularly food inflation—as part of a broader economic recovery plan.
“This exchange rate stability is just the beginning,” he concluded. “Ultimately, the real win will come from addressing inflation at its root.”
