Mahama Deserves Credit for Right Steps Taken To Strengthen the Cedi – Richard Adjorlolo

• Richard Adjorlolo, the former Western Region Business Manager at the Bank of Africa, has hailed President Mahama's leadership and handling of the economy thus far
• He particularly pointed out the measures implemented to revive the cedi’s performance against the major international currencies
• Adjorlolo describes the measures the government has taken as bold and dismissed naysayers trying to water down the government's achievements

The former Western Region Business Manager and Head of Credit Risk Prevention at the Bank of Africa (BoA), Richard Adjorlolo, has applauded President John Mahama's stewardship of the country and the measures implemented by Finance Minister Cassiel Ato Forson that have culminated in the cedi gaining against the dollar and performing strongly this year.

Adjorlolo believes the time is nigh for political parties, especially the opposition, to acknowledge the positive steps the National Democratic Congress (NDC) government has taken, considering the fragile state of the economy and the position at which President John Mahama picked up the leadership mantle.

“The opposition should have the courage to say the current government is doing this right. They should also say it looks like we are stuck in the traditional opposition, where everything the government does is wrong."

"Of course, the opposition is not there to praise the government, but at times when the thing is good, we are to be courageous enough to say, this thing the government is doing is right,” he said.

Strong cedi performance against US dollar

The Ghana Cedi has demonstrated resilience against the US dollar and other major trading currencies this year, especially in April 2025.

For instance, the local currency appreciated by 5.3 per cent month-on-month against the US dollar. This resulted in a 7.44 per cent year-to-date gain.

The performance of the cedi is being among other things attributed to improved market liquidity following the Bank of Ghana’s targeted supply-side interventions and the central bank’s injection of 490 million dollars into the market to effectively ease demand pressures by sufficiently meeting forex demand.

Adjorlolo describes as bold the measures taken by the government and believes they must not be downplayed by anyone.

He was speaking with YEN.com.gh during an interview, where he expressed his excitement about the cedi's performance in recent times. He expressed hope that the finance minister and the central bank would be able to either sustain the momentum or perform even better.

Adjorlolo hails Mahama's performance

Adjorlolo also commented on President John Mahama’s administration and its 120 days in office.

He rated the President's performance so far as excellent. He believes the policies initiated by the Head of State and his National Democratic Congress (NDC) government have yielded positive results. He cited the restoration of confidence in the Ghanaian business climate and Accra's diplomatic relations with the international community as the best examples.

For instance, S&P Global Ratings' upgrading of Ghana’s sovereign credit rating from ‘Selective Default’ to ‘CCC+’ on Friday, May 9, 2025, has been hailed as a massive step towards the right direction. Experts attributed this positive movement to debt restructuring efforts initiated by the president.

Adjorlolo said this is an indication that President Mahama’s administration has been effecting the right policies, which in his view is commendable.

The finance professional was swift to encourage the NDC government to ensure it honours the promises it made to Ghanaians while on the campaign trail. This includes developing the country and creating employment for the youth.

He commended the Mahama administration for its initiative to bring back the District Assembly Common Fund. This, he is said, will hasten development in the various district assemblies lagging behind in development and reduce over-dependency on the central government.

“This decision is a mark of a leader focused on a bigger picture, unlike in the past, everything by the district was brought from Accra”, he said.

Meanwhile, the Western Regional and Deputy National Ghana Union of Traders Association Organiser, Charles Kingsley Arthur, has described it as exciting news to see the local currency strengthening against the dollar.

In an interview with YEN.com.gh, Arthur said that the appreciation of the cedi is a good sign and was likely to instill confidence amongst local businessmen and investors alike. He conveyed GUTA's preference for the trend to be maintained.

The trade union official quipped that there are two schools of thought on the cedi’s strengthening against the dollar: one attributing it to the trade war between the U.S. and its trading partners, and the other to government measures.

However, Arthur said neither reason matters to the association. What’s important is the hope that the local currency remains strong for the business community.

“As usual, there are divided views. The opposition wants us to believe it is because of the China-US trade, which is the major factor, while the government is also saying it is a result of proper measures put in place. But for us, we don’t care about any of these reasons. We want the cedi to perform”, he said.

Mine worker prays dollar strengthens against cedi

YEN.com.gh reported that a Ghanaian mine worker was spotted praying for the cedi to depreciate against the US dollar.

The mine worker, identified as Raymond Thompson, could be seen in a viral TikTok video fervently asking God to intervene.

The basis of the prayer was presumed to hinge on the fact that, although many mining workers in Ghana receive their salaries in cedis, the US dollar is often used as a reference point, particularly during wage negotiations with large mining companies.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh