In a sharp rebuttal to recent remarks made by former Vice President Dr. Mahamudu Bawumia regarding the performance of the Ghanaian cedi, Deputy Minister of Finance, Thomas Nyarko Ampem, has accused the New Patriotic Party (NPP) flagbearer of engaging in a familiar pattern of “sloganeering without results.”
Dr. Bawumia, who is currently on a “Thank You Tour” in the United Kingdom following his election as the NPP’s 2024 presidential candidate, questioned the credibility and sustainability of the cedi’s recent appreciation. Speaking at the Young Executive Forum in London, he raised concerns over the lack of a clear policy foundation behind the currency’s improvement, suggesting it was not backed by any tangible economic strategies.
But in a firm response, Mr. Nyarko Ampem dismissed these claims and launched a counterattack on the former Vice President’s economic stewardship during his time in office.
“I’m not surprised by the statement made by the former Vice President,” Mr. Nyarko Ampem stated. “A man known for sloganeering during his time in office would naturally make such comments.”
He pointed out that the NDC government, led by President Nana Addo Dankwa Akufo-Addo’s successor, is focused on real outcomes and measurable achievements rather than flashy phrases and political marketing. According to the Deputy Minister, this distinction marks the difference between the two parties’ approach to economic management.
“But the difference is clear — while they shouted slogans, we are quietly delivering results,” he added, alluding to the various policy interventions rolled out by the current administration to stabilize the economy and restore investor confidence.
Gold Board Driving Real Change
One of the key pillars of the government’s strategy, according to Mr. Nyarko Ampem, is the establishment of the Gold Board — a policy initiative that has significantly boosted the country’s foreign exchange earnings through gold exports.
“We spoke extensively about the Gold Board and told Ghanaians it would make a difference. From January to April 2025, gold exports were around $860 million. Today, thanks to the Gold Board and our structured approach, we’ve exported over $2.7 billion worth of gold. That is not talk — that is delivery.”
Thomas Nyarko Ampem
This substantial increase in gold export revenue, he argued, is one of the reasons the cedi has shown marked improvement in recent months, contrary to Bawumia’s claims.
Mr. Nyarko Ampem further credited the current administration’s efforts to revive a previously derailed International Monetary Fund (IMF) programme as a catalyst for renewed investor confidence and macroeconomic stability.
He explained that following the revival of the programme, key economic indicators have started to show positive trends. “Since we took over, borrowing has reduced, and Treasury bill rates have been dropping consistently since February. These are tangible results, not slogans. And that’s what’s driving the growing confidence in our economy,” he said.
According to the Deputy Minister, the current trajectory of the economy reflects the effectiveness of the NDC’s policies and the party’s commitment to restoring economic dignity for Ghanaians.
A Message to Bawumia
In what could be interpreted as a direct challenge, Mr. Nyarko Ampem called on Dr. Bawumia to reflect on the economic hardships experienced under his watch as Vice President and head of the government’s Economic Management Team.
“The difference is obvious. Lives are becoming bearable again, and that’s what matters most,” he remarked, stressing that while the previous government failed to deliver real solutions, the current administration is focused on addressing the everyday concerns of Ghanaians.
For Mr. Nyarko Ampem, the cedi’s recovery and the broader economic gains are not a fluke but the result of thoughtful planning, deliberate interventions, and a commitment to delivery over deception.
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