Bank of Ghana, IMF, and NDC Critics Now Admit I Was Right – Bawumia

Former Vice President Dr. Mahamudu Bawumia says time has vindicated his policies and positions during his tenure, insisting that even his fiercest critics are now acknowledging his correctness on key economic issues.

Addressing New Patriotic Party (NPP) supporters after filing his nomination to contest the party’s flagbearer race on Thursday, August 28, Dr. Bawumia declared that the Bank of Ghana, the International Monetary Fund (IMF), and even leading figures in the opposition National Democratic Congress (NDC) have begun admitting he was right on many of the matters for which he was once attacked.

“All that can be hurled at me, I have already been attacked with. As the days are going by, time has shown great vindication,” he said.

“The Bank of Ghana, the IMF, and even NDC kingpins are now admitting on many matters that Bawumia was right. What more can they say of me now?”

His comments follow recent remarks by the First Deputy Governor of the Bank of Ghana, Dr. Zakari Mumuni, who credited the Central Bank’s Gold Purchase Programme with stabilising the cedi, easing inflation, and improving Ghana’s credit profile.

Dr. Zakari highlighted that Ghana’s rating had improved from “restrictive default” to B- with a stable outlook in June 2025, a development that has boosted investor confidence.

Launched in June 2021, the Gold Purchase Programme allows the Bank of Ghana to buy gold from local mining firms in cedis, strengthening reserves while reducing dependence on the US dollar. As of July, reserves had grown to 34.40 tonnes.

Dr. Zakari further noted that the initiative paved the way for the Gold for Oil Programme, which he said had helped secure petroleum imports at competitive prices, stabilise fuel costs, and reduce inflationary pressures.

Dr. Bawumia’s remarks come as the NPP prepares for a heated internal contest to choose a new flagbearer ahead of the 2028 general election.