We're better cedi managers than NDC - Bawumia

Vice-President Dr Mahamudu Bawumia has said that the Akufo-Addo government, has performed better than the erstwhile Mahama administration in managing the Cedi depreciation against the dollar.

Dr Bawumia was speaking at the launch of the School Entrepreneurship Initiative programme at the Ghana Senior High School, Tamale, on Friday, 14 September 2018.

Using data from the Bank of Ghana as his reference, Dr Bawumia said “The Cedi exchange rate increased from 1.1 to 4.2 to the Dollar between 2008 and 2016. At the time we assumed office, the cedi exchange rate was some 4.2 cedis to the Dollar. Today, if you look at the Bank of Ghana data, it is at 4.75 to the dollar. It is, therefore, absolutely clear and incontrovertible that we, as a government, under Nana Addo Dankwa Akufo-Addo’s leadership, and the management at the Ministry of Finance; and the Bank of Ghana, it is clear that we have managed the exchange rate much better than our predecessors.”

The cedi is almost selling at GHC 5 for $1

Critics have blamed the government policies for the weakening of the cedi against the U.S. dollar.

However, Dr. Bawumia explained that: “So far, this year, the Ghana cedi has depreciated by just seven per cent against the U.S. dollar”.

In his view, “The exchange rate between the cedi and the dollar has remained relatively stable when compared to the movements in other currencies against the dollar. The reason for this is because of the relatively stronger fundamentals that we have in our economy”.

Dr Bawumia said, for instance, that the Argentina Peso has depreciated by 50.2 per cent; Turkish Lira by 42 per cent; South African Rand by 19.2 per cent; Indian Rupees by 11 per cent; and the UK Pound Sterling by 4.2 per cent, against the U.S. dollar, hence Ghana has performed creditably by managing a seven per cent depreciation within the same period.

We're better cedi managers than NDC - Bawumia

Vice-President Dr Mahamudu Bawumia has said that the Akufo-Addo government, has performed better than the erstwhile Mahama administration in managing the Cedi depreciation against the dollar.

JOIN OUR PULSE COMMUNITY!

Recommended articles

IGP calls for patriotism, maturity and love for humanity in December polls

President Akufo-Addo commissions 15MW Solar Power Plant in Kaleo

Despite $40 million in my account, MBA lecturers still failed me - McDan recounts

You were also accused of recruiting NDC members to the Commission – EC replies Mahama

Citizens offered free beer, taxi rides, health check-ups to boost voter turnout

Group hints at organizing Dumsor Vigil in Accra over erratic power cuts

Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum

Government rebrands public basic schools, set to change brown and yellow uniforms

I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister