Finance Minister Dr. Cassiel Ato Forson has made it clear that he will not echo former Vice President Dr. Mahamudu Bawumia’s infamous claim of having “arrested” the Ghanaian cedi.
Following his presentation of the 2025 Mid-Year Fiscal Policy Review to Parliament on Thursday, Dr. Forson appeared on JoyNews’ PM Express, where he took a direct jab at what he called the fiscal recklessness of the previous administration.
“I won’t say I’ve arrested the cedi. What I can say is the cedi has appreciated,” Dr. Forson said in response to comments suggesting the local currency had finally stabilized. When pressed further, he quipped, “I’m not a policeman.”
He dismissed Dr. Bawumia’s claim that the recent gains by the cedi were driven by global trends such as changes in U.S. tariffs and a weaker dollar, rather than any deliberate policy by the current government.
“To begin with, let me state one key difference: they [the Akufo-Addo administration] lacked discipline—we are disciplined. That’s the core issue. They were spending without control while the central bank printed money excessively.
“There was a time inflation hit 54% because of that behavior. That depletes your reserves. It’s not the case anymore. The central bank has stopped printing money, and the Government of Ghana is adhering to fiscal discipline. We are consolidating. That’s how you build reserves,” he emphasized.
Dr. Forson also took direct aim at Dr. Bawumia, questioning why someone who projected himself as an economic savior failed to deliver during his time in office.
“If he had the solutions, why didn’t he implement them over his eight years in government? He served as Vice President and chaired the economic management team,” he said.
When host Evans Mensah noted that Bawumia wasn’t the ultimate authority, Dr. Forson replied, “But he was the chairman of the economic management team. He always presented himself as the Messiah and promised to fix things.
“He had eight years. So why didn’t he achieve what we’re doing now? There was even a time he claimed to have arrested the cedi—why couldn’t he actually do it?”
Even as the host referenced data showing the cedi had appreciated by 42.6%, urging Dr. Forson to claim credit, the Finance Minister remained measured.
“My focus is clear,” he said. “We aim to maintain this level of appreciation through to the end of the year. Sustaining this stability is our goal—that’s where our attention is.”
