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He said the performance of the Ghanaian cedi in the current administration has been unprecedented in the 4th Republic.
Dr. Bawumia made these remarks when he addressed a regional seminar of the Tertiary Students Confederacy of the NPP (TESCON) on 7th August, 2021, at the University of Cape Coast.
He praised the Central Bank for the yeoman’s role it has played and continues to play to keep the cedi in check, saying ““I doff my hat to the Central Bank for the work that they are doing in the management of the exchange rate. Cumulatively, from the beginning of the year to date, the exchange rate has depreciated by 0.6% against the US dollar, but it has appreciated by 3.6% against the Euro.”
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Dr Mahamudu Bawumia
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He intimated that, notwithstanding the effects of the Covid-19 pandemic, the country is witnessing one of the lowest interest rates on record, in about two decades.
He noted that inflation, which at the heart of the pandemic, was around 11.8 % dropped to 7.1% in May, 2021 before inching up to 7.8% as at June, 2021.
The Vice President, also told the students and lecturers that the country is experiencing a restoration of economic growth, that was lost during the peak of the Covid-19 pandemic last year.