‘We haven’t arrested the cedi, we’re massaging it’ – Isaac Adongo – Nsemkeka
Bank of Ghana Board Member Isaac Adongo says the central bank has not arrested the cedi as famously promised by the previous government.
Instead, he says the NDC administration is “massaging” the currency back to a sustainable level through deliberate policy coordination with the Ministry of Finance.
Speaking on JoyNews’ PM Express on Wednesday, May 14, the Ranking Member on Parliament’s Finance Committee dismissed suggestions that the cedi’s current stability reflects a dramatic intervention.
The Bolga Central MP said, unlike the Akufo-Addo/Bawumia era, in where the US dollar spiralled out of control, the current administration know what knob to turn to get things to work.
“No, we have not arrested the cedi. The man who arrested it is out there,” Mr Adongo told host Evans Mensah.
“What is happening to the cedi now is that we are gradually massaging it to find its true level.”
Mr Adongo explained that the Mahama-led administration is not looking for a sharp appreciation, but rather a sustainable recovery rooted in sound fundamentals.
“What we are looking for is stability, not a quantum jump of the cedi from ¢15 cedis to ¢3. What we are doing now is to get the cedi to find the level that supports the economy,” he said.
He noted that the current measures reflect a joint strategy between the Bank of Ghana and the Ministry of Finance.
“What is happening else is an intentional policy implementation, and it is a complementary effort from the Ministry of Finance and the central bank,” Mr Adongo stated.
“The central bank is doing its bit, and government, under the leadership of the Finance Minister Dr Cassiel Ato Forson, is also doing its bit, so the two of them are collaborating.”
He emphasised that these early steps are designed to provide relief while broader structural changes take root, especially in tackling food inflation.
“This is an initial remedy to give Ghanaians some relief, whilst the fruit that we really want to bear is to tackle head-on food inflation,” Mr Adongo said.
In a striking political jab, the MP said currency speculators are being put on notice that the era of impunity is over.
“We are trying to let them know: ‘Hey, we are in Ghana now. Akufo-Addo is gone… Bawumia is gone. It is now Ato Forson and John Mahama. If you misbehave, we’ll deal with you.’ And they are beginning to say, ‘Yes sir, yes sir.’ That’s what we are doing.”
Isaac Adongo’s comments come amid cautious optimism about the cedi’s performance under the new NDC administration.
But he made it clear: this is not magic, just consistent policy and the restoration of discipline in the economy.