Bawumia has been exposed by Ghana’s weak exchange rate - Duffuor

Former governor of the Central Bank, Dr. Kwabena Duffuor has taken a dig at Vice President Dr. Mahamudu Bawumia over the country’s weak exchange rate.

Dr. Kwabena Duffuor & Dr. Bawumia

According to the former finance minister, Ghana’s weak exchange rate has exposed the incompetence of the vice president and the economic management team.

In an interview on GHOne Tv on Monday, December 6, the business mogul said the cedi’s continuous fall against the dollar is a direct contradiction to claims by Dr. Bawumia in 2016 that he had the expertise to stabilise the cedi.

He opined that the claims by Bawumia in 2016, were mere rhetoric.

There are challenges obviously, look at the cedi for example, when I was in office [2012] you needed 1 cedi 88 pesewas to get a dollar but now you need 6 cedis 20 pesewas to get a dollar. Years ago, Dr Bawumia said when the fundamentals are weak the exchange rate will expose you, the exchange has exposed the government now, meaning the fundamentals are weak by Bawumia’s own explanation,” Dr Duffuor said on GHONE TV.

The founder of HODA Holdings added “the cedi is running and he promised that he will arrest the cedi, where is he, Dr Bawumia the cedi is running arrest it. He also made a point that he had worked at the central bank and that there was soo much money and we didn’t have to go and borrow, what has happened during his term.”

Dr Duffuor also rejected accusations by some members of the NDC that he is working to distract former President John Mahama from winning the 2024 elections.

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