Bawumia has jailed Ghana cedi and bailed the dollar to run — Mahama mocks

Former President John Mahama has expressed disquiet about the worsening economic conditions in the country and the consistent free fall of the Ghana cedi against major trading currencies, especially the US dollar under the NPP-led government.

John Mahama

He has mocked the vice president, Dr. Mahamudu Bawumia, after he claimed that the government has arrested the fall of the cedi as some of the achievements chalked by the NPP government.

According to him, the continuous depreciation of the cedi does not augur well for the country.

He also raised concerns over the worsening economic conditions in the country.


Addressing NDC supporters, Mahama said "Under all previous presidents, I never heard anyone claim to have arrested the dollar, jailed it, and locked the doors. No one can arrest the dollar, it is the cedi that must be helped to keep pace with the dollar."

He added: "Now as we are all witnesses, the dollar has bolted, when asked where it is headed, it said it had been granted bail. When we investigated, it turned out that it was the cedi that had been jailed and the dollar had been bailed."

Delivering a 40-minute presentation at a town hall meeting to assess the 100 days of President Nana Addo Dankwa Akufo-Addo in office, Dr. Bawumia said the free fall of the cedi has been arrested, and the keys given to the Inspector General of Police (IGP) for safekeeping.

"When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he's locked it up, we want to make sure we pursue sound policies to keep the cedi stable, it has appreciated for this year.


"Inflation has come down from 15.4 percent when we came into the office to 12.8 percent now and we’ve restored confidence in the macro economy by anchoring fiscal policy on credibility, clarity, and transparency," he said.

Meanwhile, the latest report by Bloomberg has tagged the Ghana Cedi as the worst performing currency in the world currently.

Bloomberg said the Ghana Cedi is currently in tatters, haven depreciated by over GH¢2 in the last week, compounding the ever-depreciating currency against major foreign currencies.

"The Cedi fell 1.6% on Tuesday, August 16, 2022, extending this year's slump to 35% and making it the world’s worst performer among 150 currencies tracked, after bankrupt Sri Lanka’s rupee," Bloomberg indicated.


Bloomberg tracked the performance of 150 currencies in the world and the Cedi placed last in terms of performance since the beginning of the year.


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