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If the fundamentals are weak, exchange rate will expose you - Bawumia reiterates

Vice President Dr Mahamudu Bawumia has fired shots at the National Democratic Congress (NDC) for attempting to use his popular phrase against him.

Vice President Dr Mahamudu Bawumia

Dr. Bawumia claimed the NPP government has done far better in the management of the local currency.

The NDC took swipe at Dr Bawumia for failing to live up to expectation when it comes to managing the economy.

The party said the fiscal stature of the Ghanaian economy tells the caliber of leaders Ghanaians voted into power in 2016.

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The NDC mentioned Dr. Bawumia who believes himself to be the best economist must put proper structures in place to stabilize the economic conditions than wanting to use approaches in text books to manage the economy. 

Bawumia responding to the critics at an Economic Management Team town hall meeting at the College of Physicians and Surgeons in Accra, he said he still stands by his words and the fact that the cedi is depreciating, does not mean the fundamentals are weak.

"That was true then, and it is true now…it is 100 percent correct...to jump from that to a conclusion that if there is depreciation then the fundamentals are weak; that defies logic. There could be other external factors causing the exchange rate to decrease.

"If someone is unable to walk, can I just conclude that the leg is broken, there can be other factors causing you not to be able to walk. The NDC logic will insist that since you cannot walk it means the leg must be broken. The exchange rate in 2014 had exposed the weak fundamentals…we were in a much weaker position in 2014 compared to 2018," he added.

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