Accra, Ghana — NPP flagbearer and former Vice President Dr. Mahamudu Bawumia has challenged the governing NDC to identify three new policies responsible for Ghana’s current macroeconomic stability. Speaking at a conference organized by the Minority Caucus, Dr. Bawumia dismissed the government’s claims of economic recovery, insisting that the stability being touted is rooted in initiatives introduced under the previous NPP administration.
“The NDC cannot name three new policies they implemented in 2025 that achieved this stability,” Bawumia declared, arguing that the government’s narrative is misleading. He pointed to the gold-for-reserves programme, introduced under the NPP, as the cornerstone of Ghana’s recent currency and reserve strength.
Launched in 2022, the gold-for-reserves initiative allowed the Bank of Ghana to purchase gold domestically to build reserves, reducing reliance on foreign exchange from exports. By 2024, Ghana’s gold reserves had risen from 8.7 tons to 30 tons, valued at approximately $5 billion. This programme, Bawumia explained, provided a strong backing for the cedi and contributed significantly to currency stability. He argued that without this policy, the cedi’s performance would have been far weaker, and inflationary pressures far more severe. “We are not interested in statistical stability on itself,” he cautioned, stressing that the real measure of success is whether ordinary Ghanaians feel relief in their daily lives.
While the NDC government has cited improving macroeconomic indicators — including a stabilizing cedi and easing inflation — Bawumia urged caution. He noted that many households and businesses continue to struggle with high costs of living, limited access to credit, and weak purchasing power. “Stability must translate into lower living costs and improved livelihoods,” he said, adding that the government’s celebration of numbers risks ignoring the realities faced by citizens.
Dr. Bawumia praised the Minority Caucus for drawing attention to challenges in agriculture and urged them to extend scrutiny to other sectors such as trade, manufacturing, and small business development. He emphasized that the opposition’s role is not only to highlight weaknesses but also to remind Ghanaians of the policies that laid the foundation for current stability.
The NDC administration has consistently claimed credit for stabilizing the economy, pointing to improvements in inflation and currency performance. However, Bawumia’s remarks underscore the NPP’s position that these gains are not the result of new NDC policies but rather the continuation of NPP-era initiatives.
