Harvard-educated Ghanaian economist and entrepreneur Dr. Sangu Delle has publicly rejected claims by former Vice President Dr. Mahamudu Bawumia that the recent appreciation of the Ghanaian cedi has nothing to do with policy actions by the new administration under President John Mahama.

Responding in a detailed write up, Dr. Delle argued that the current gains of the cedi are a direct result of market confidence, credible policy direction, and a departure from what he described as “eight years of economic mismanagement” under the previous government led by Dr. Bawumia.

“Governance is not merely about the passage of budgets or the issuing of contracts. It is about restoring confidence, signaling credible direction, and resetting expectations,” Delle wrote, pushing back on Bawumia’s assertion that no policy had been implemented to explain the cedi’s recovery.

Markets React to Credibility, Not Just Budgets

Dr. Delle’s critique begins with a fundamental argument: markets respond not only to enacted policies like budgets or contracts but to the perceived credibility and direction of a government.

Since taking office in January, the Mahama-led administration has undertaken visible steps to rebuild trust in Ghana’s economic management, according to Delle.

He listed several early signals that boosted investor confidence:

●A demonstration of fiscal prudence and signaling of financial discipline.

●The removal of punitive taxes, such as the unpopular e-levy.

●A clear policy break from what he referred to as “Bawumia-nomics.”

“Investors (both local and foreign) are not stupid. They understand that this is a new chapter,” he stated.

“Just the announcement of a competent team with technocratic experience was enough to recalibrate expectations.”

*Lived Experience Underscores Policy Impact*

Dr. Delle also highlighted the practical economic improvements ordinary Ghanaians are experiencing. These, he argued, are not mere coincidences but evidence of a change in economic direction.

“I used to pay ¢1,200 to fill my tank; I now pay ¢1,000,” he noted.

“A $1,000 plane ticket that used to cost me ¢16,000 now costs ¢12,700.”

Additionally, the abolition of the e-levy, which previously taxed mobile money transactions, has improved the ease of financial activity for many citizens.

“These are not coincidences,” Delle emphasized.

“They reflect immediate benefits to the Ghanaian people resulting from policy shifts and renewed confidence.”

Bawumia’s Own Words Used Against Him

In a pointed moment, Delle invoked a past quote from Dr. Bawumia himself: “You can do all the propaganda in the world, but if the fundamentals are weak, the exchange rate will expose you.”

Using that quote, Delle turned the criticism around, arguing that if the current cedi strength reflects strong fundamentals, then the eight-year record under Bawumia must have lacked the same discipline.

“The fundamentals today are improving and the cedi is exposing the eight years of fiscal recklessness, ballooned debt, and over-leveraged consumption,” he wrote.

Political Defensiveness and Legacy

Dr. Delle also questioned the urgency with which Dr. Bawumia has sought to downplay the achievements of the new government.

“If our former Vice President is so confident in his legacy, he wouldn’t be rushing to downplay early wins,” Delle asserted.

“The irony is, his own record of economic collapse is the very reason these early wins are so visible.”

He likened the NDC administration’s early gains to a “miracle” – extinguishing flames inherited from what he described as a house on fire.

Quiet but Effective Policy Shifts

Delle further contended that not all policies need to be loudly publicized to be effective.

He outlined several key decisions taken by the new administration that have contributed to economic stability:

Ending the controversial e-levy

Removing import taxes on critical inputs.

Rebuilding fiscal discipline through a strengthened and independent Bank of Ghana.

A deliberate choice to avoid overspending in the first 100 days in office.

“These are real policy decisions. Just because they don’t come with media fanfare doesn’t mean they aren’t impactful,” he wrote.

A Call for Unity Beyond Politics

While critical of Dr. Bawumia’s remarks, Dr. Delle concluded on a note of national unity, urging Ghanaians to look beyond partisan divisions.

“The exchange rate has no party colours,” he reminded readers.

“Right now, that exchange rate is clapping back – quietly, confidently, and undeniably.”

“Regardless of our political stripes, when Ghana succeeds, we all succeed!”