Bawumia has been a complete disaster in managing Ghana’s economy – Kwakye Ofosu

He said the Vice President should be rejected in the 2024 polls for failing in his management of the economy.

In a post on social media, the National Democratic Congress (NDC) member said Dr. Bawumia has failed in managing the exchange rate.

“The cedi now exchanges at 11 to the dollar. More reason why Bawumia must be thrown out in 2024. A complete disaster he has been at the helm of our economy!”, he said.

Some forex bureaus are selling the dollar at ¢11.2 to $1 as at Saturday, October 8, 2022.

Some of the operators expressed hope the the government and the the Bank of Ghana will institute strong measures to curtail the fall of the Cedi against the major trading currencies.

Earlier, the Bank of Ghana (BoG) announced that the $1.13billion Cocoa Syndicated loan which has been signed by the Ministry of Finance and the Ghana Cocoa Board (COCOBOD) was going to help strengthen the currency.

Vice President Dr. Mahamudu Bawumia has been leading the digitization drive in this administration. Pulse Ghana

The BoG said "The strength of the US dollar, Investor reaction to Credit Rating Downgrade, Non-Roll over of Maturing Bonds, The sharp rise in crude oil prices and impact on the Oil Bill, Loss of External Financing."

“The Cocoa Loan is expected in the last quarter of the year. This facility will also help provide more foreign currency to help address the cedi depreciation. In the short term, we expect that when the IMF programme is finalized, it will also go a long way to help restore confidence in the economy and drive portfolio flows.”

Meanwhile, Bloomberg said the Ghana cedi lost 40.5% in value to the dollar in nine months of the year 2022, ranking it as the second worst-performing currency in the world in the 147th position.