Chief Executive Officer of Dalex Finance, economist and financial analyst Joe Jackson, has credited the John Mahama-led administration for Ghana’s recent economic rebound, particularly the significant appreciation of the Ghana cedi and the reduction in public debt.
He emphasised that while external factors may have supported the macroeconomic gains, they were not solely responsible. He stressed that deliberate, disciplined fiscal management under the current administration drove the improvements.
“Be the government. It has to be the current managers of the economy. Yes, we could argue that the stars have aligned and external factors played a role. But there is a role to discipline—the discipline that has been applied in the management of our finances, the discipline that has been applied to keep our reserves at the level to support the cedi,” he stated.
Addressing the banter between the Minority and the Majority in Parliament over who takes credit for Ghana’s improved economy, Joe Jackson argued that the rise of the cedi wasn’t a mere stroke of luck.
He was speaking on TV3’s Saturday analytical talk show, The Key Points.
The local currency has recorded a remarkable rebound this year, with the Finance Minister, Dr. Ato Forson, reporting a 42.6% appreciation against the US dollar, 30.3% against the British pound, and 25.6% against the euro as of June 2025. Dr. Forson noted that this recovery has nearly reversed all depreciations recorded between 2022 and 2024.
“Mr. Speaker, this level of appreciation has never happened in the history of our country,” Dr. Forson told Parliament. “So far, we have almost reversed all the cedi depreciation in 2022, 2023, and 2024.”
He also announced a sharp drop in Ghana’s public debt stock—from GH¢726.7 billion in December 2024 to GH¢613 billion by the end of June 2025—a reduction of about GH¢113.7 billion. This, he said, could not have happened without prudent policy actions.
Joe Jackson backed this claim, saying:
“The cedi’s appreciation cannot be treated as if it were honey that dropped from heaven and into our mouths. Some actions took place. Somebody’s discipline and committed action happened, and we have to give them credit.”
However, members of the Minority in Parliament have disputed the government’s narrative, pointing to persistent challenges in the availability of foreign exchange despite the reported appreciation. Former Finance Minister Dr. Mohammed Amin Adam, during a recent press conference, argued that the interbank rate does not reflect realities on the ground.
Joe Jackson acknowledged that the currency appreciated last year under the NPP, but questioned the moral basis for asking Ghanaians to applaud a government that had presided over its dramatic fall in the first place.
“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 pointedly. “Where did we start from? Where did we end up?”
He illustrated the devastating impact of the cedi’s earlier depreciation on personal savings. “Think about it. If in 2022 I had GH¢60,000 in savings, that was worth about $10,000. But by the end of 2024, that was worth barely $4,000. So something went wrong,” he lamented.
Jackson stressed that the cumulative economic pain Ghanaians endured over the past few years due to poor monetary and fiscal management by the previous NPP administration means they cannot now take credit for the currency’s rebound.
