Joe Jackson credits NPP for role in stabilising the cedi

Chief Executive Officer of Dalex Finance, Joe Jackson, has stated that the opposition New Patriotic Party (NPP) deserves some recognition for the recent stability of the cedi.

Speaking in an interview during discussions on the 2024 Mid-Year Budget, Mr. Jackson emphasised that although the governing National Democratic Congress (NDC) is now managing the economy, some of the groundwork for recovery was laid during the NPP’s tenure.

“Think of Ghana’s economy like a patient recovering from a stroke, between 2022 and early 2024, we were in serious pain. But by the end of 2024, we started seeing signs of real improvement,” he said.

Mr. Jackson acknowledged that the recovery is still ongoing, but stressed that the progress didn’t begin overnight.

“We’ve moved from the ICU to physiotherapy. Yes, we’re still under observation, and setbacks are possible. But credit must go both to those who gave the initial treatment and to the current team guiding the recovery.”

He commended the NDC for adopting stronger measures since taking over, noting that their approach has accelerated the healing process.

Addressing political debates over exchange rates, Mr. Jackson urged a more honest and nuanced discussion.

“You can’t cherry-pick numbers. Let’s not act like the cedi never hit 15 or 17 to the dollar. These comparisons need to be grounded in reality.”

He encouraged analysts and commentators to use consistent benchmarks.

“If you look at Bank of Ghana rates, the cedi has dropped from around 13–14 to about 10.5. That’s progress, no matter how you look at it.”

While he acknowledged that it’s normal for the opposition to critique the government, he called for balanced perspectives.

“The opposition isn’t expected to applaud the ruling party, that’s politics. But some of the criticism should be taken with a grain of salt,” he concluded.