He, therefore, asked the current administration to focus on dealing with the economic hardships Ghanaians were saddled with.
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Businesses are suffering - NDC man slams Bawumia over weak cedi
Tetteh Catenor, a former National Democratic Congress (NDC) parliamentary aspirant for the La Dadekotopon constituency, has taken swipe at Vice President Dr Mahamudu Bawumia and charged him to demonstrate his credentials as an economist in the management of the currency.
Vice President Dr Mahamudu Bawumia
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Dr Mahamudu Bawumia, had said that the NPP government had performed far better in managing the depreciation of the Ghana cedi in relation to the US dollar than the erstwhile Mahama-led NDC administration.
Making reference to data from the Bank of Ghana (BoG)to buttress his point last year, 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."
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The US dollar is selling at between GH¢5.00 and GH¢5.20. Meanwhile, checks on Monday indicated that some currency dealers are asking for GH¢5.30 and GH¢5.32 for a dollar.
Ghanaian importers have expressed worry over the depreciation of the cedi against foreign currencies like the US dollar and the pound.
But the NDC man said when people are suffering, the government can't tell them they are better managers of the economy.
In an interview on Accra FM, he said "Dr Bawumia, when in opposition gave a series of public lectures on how to manage the cedi and, so, we all thought that when given the opportunity, he will dramatically strengthen the cedi against the dollar but that is not what we are seeing.
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"Businesses are suffering because of the weak currency, yet nothing is being done by the government."
He added: "This government's incompetence in managing the local currency is shocking."
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