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NPP Deserves Some Credit for the Current Cedi Stability – Joe Jackson
Chief Executive Officer of Dalex Finance, Joe Jackson, has credited both the opposition New Patriotic Party (NPP) and the governing National Democratic Congress (NDC) for the recent signs of stability in the Ghanaian cedi, urging a balanced and fact-based discourse on economic performance.
Speaking on Joy FM’s Super Morning Show during a panel discussion on the 2024 Mid-Year Budget Review, Mr. Jackson compared Ghana’s economic recovery to that of a critically ill patient transitioning from intensive care to rehabilitation.
“Ghana’s economy can be likened to a stroke patient,” he said. “In 2022, 2023, and early 2024, we were in the throes of a lot of pain. But by the end of 2024, things were getting better.”
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He highlighted that while the current administration deserves praise for implementing aggressive fiscal and monetary strategies that have improved the macroeconomic outlook, the NPP also laid groundwork before leaving office that contributed to the ongoing recovery.
“We’ve moved from intensive care in six months to physiotherapy. Yes, we are still in the ward. Yes, we need daily monitoring. Yes, there are going to be possible setbacks. But let’s credit both the initial care provided under the NPP and the far more rigorous regimen applied by the NDC,” he remarked.
Mr. Jackson emphasised that macroeconomic recovery is often a continuum of policies and adjustments across successive governments, making partisan arguments over progress unproductive. “With the change in doctors, we also changed the medication,” he said, drawing an analogy to shifting policy approaches between the two major parties.
He also cautioned against the politicisation of exchange rate debates, particularly when comparing official Bank of Ghana rates to speculative market rates. “Say what you like, compare Bank of Ghana rates—we’ve still come down from 13–14 to around 10.5. Take forex rates, and you’ll still see a reduction. Let’s stop comparing apples and oranges,” he stressed.
Mr. Jackson called on political commentators and analysts to present data accurately and make nuanced assessments. “You can’t claim the cedi never hit GHS15 or GHS17 when there is clear evidence that it did. Let’s be fair in our criticisms,” he added.
He acknowledged that it is normal for the opposition to criticise the government in power but said such critiques must be grounded in facts rather than partisan rhetoric.
“The role of the opposition is not to cheer the party in power. So, some of it, I hear it, I discount it, and I move on,” Mr. Jackson concluded.
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