Finance Minister Dr. Cassiel Ato Forson says the recent stability of the Ghana cedi is the result of discipline, not rhetoric or propaganda.

He was responding to criticisms by former Vice President Dr. Mahamudu Bawumia, who had challenged him to name a single policy responsible for the currency’s improved performance.

Speaking on PM Express on JoyNews, Dr. Forson made clear that the difference lies in a deliberate break from reckless spending and money printing by the previous administration.

“They were indisciplined. We are disciplined. That is the bottom line,” Dr. Forson declared.

“They were spending recklessly when the central bank was printing money as if there was no tomorrow. At one point, they printed until inflation reached 54%. You know, when that happens, you deplete your reserves. It is not happening now.

"The central bank is not printing. The Government of Ghana has been disciplined. The fiscal consolidation is happening. So why won’t you build reserves?”

Dr. Forson had earlier in the day presented the 2025 Mid-Year Fiscal Policy to Parliament, where the performance of the cedi featured prominently.

On the show, he also questioned why Dr. Bawumia failed to implement such measures when he led the Economic Management Team as Vice President for eight years.

“If, for example, he knows that he could do this, why didn’t he do it during the eight years of office? He was there as Vice President and Chairman of the Economic Management Team,” he said.

Pressed on whether Dr. Bawumia was truly in charge, Dr. Forson shot back: “He was the Chairman of the Economic Management Team. Remember, he touts himself as the Messiah, and he said he was going to fix it. He had eight years in office. There was a time he said that he had arrested the cedi. Why couldn’t he do it?”

When asked whether he could now make the same claim of having arrested the cedi, the Finance Minister struck a cautious tone.

“I can’t say I have arrested the cedi. The cedi has appreciated, that is what I can say,” he replied.

Evans Mensah pressed further, pointing to data showing the cedi appreciating 42.6% within the year and asked why Dr. Forson wouldn’t own the success.

The minister responded, “Let me say that I’m very focused. We want to ensure that we’ll end the year with the same level of appreciation. We want to make sure that this level of appreciation and the stability we are seeing are sustained. That is where my focus is.”

And when pushed once again on why he wouldn’t say he had arrested the cedi, Dr. Forson joked, “I’m not a policeman.”