Financial expert and economist Joe Jackson has attributed Ghana’s recent economic recovery to the current John Mahama-led administration. He credits the government’s disciplined fiscal management for the significant appreciation of the Ghana cedi and a substantial reduction in public debt.
Jackson, who serves as the Chief Executive Officer of Dalex Finance, acknowledged that external factors might have played a supportive role. However, he stressed that deliberate and disciplined fiscal policies were the primary drivers of these improvements.
“It has to be the current managers of the economy,” Jackson stated during an appearance on TV3’s “The Key Points.” He argued that while the stars may have aligned, it was the discipline that had been applied in the management of Ghana’s finances, and the commitment to maintaining reserve levels that supported the cedi’s strength.
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This viewpoint comes amid a political debate between Ghana’s Minority and Majority parties over who deserves credit for the economic gains. Jackson pushed back against the idea that the cedi’s rise was a matter of luck. “The cedi’s appreciation cannot be treated as if it were honey that dropped from heaven,” he said, emphasising that specific, committed actions were responsible and that the government should be recognised for them.
According to Finance Minister Dr. Ato Forson, the cedi has seen an unprecedented rebound this year. As of June 2025, it had appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro. Dr. Forson told Parliament that this recovery has nearly reversed all the depreciation that occurred between 2022 and 2024. He also announced a sharp drop in the country’s public debt stock, which decreased by about GH¢113.7 billion, from GH¢726.7 billion in December 2024 to GH¢613 billion by the end of June 2025.
Despite these positive reports, the Minority in Parliament has disputed the government’s claims, with former Finance Minister Dr. Mohammed Amin Adam arguing that the official interbank exchange rate doesn’t accurately reflect the realities on the ground.
Joe Jackson also raised a point about the previous government’s legacy. While the currency did appreciate last year under the NPP, he questioned the basis for that administration to take credit. He illustrated the devastating impact of the cedi’s earlier depreciation, noting that a GH¢60,000 savings account, once worth about $10,000 in 2022, was reduced to barely $4,000 by late 2024.
“You take me from six cedis to a dollar to the height of 17, right? And then somebody brings it down to even 11 or 10. How can you say I should give you credit?” Jackson asked. He concluded that the cumulative economic hardship faced by Ghanaians under the previous administration’s monetary and fiscal management means they cannot now claim credit for the cedi’s rebound.