Here are 4 times Bawumia spoke passionately about Ghana's cedi depreciation

Dr. Mahamudu Bawumia, Ghana's Vice President, has consistently addressed the issue of the cedi's depreciation with a passionate and proactive stance.

Dr. Mahamudu Bawumia

His speeches on this topic reflect a deep concern for the country's economic stability and a commitment to finding sustainable solutions.

From his time as a deputy governor of the Bank of Ghana to his current role in government, Dr. Bawumia has tackled the complexities of currency depreciation with a blend of technical insight and practical recommendations.

This article highlights four significant occasions when Dr. Bawumia spoke passionately about the cedi's depreciation, offering insights into his strategies and the broader economic implications for Ghana.

1 . Depreciation of the cedi has been lower under NPP - Bawumia in 2024


In an interview with AfricaWatch Magazine, Dr Bawumia highlighted the cedi's resilience under the President Akufo-Addo administration, emphasizing his position on stabilizing the cedi's value.

He remarked that despite ongoing global economic challenges, the depreciation of the cedi has been managed effectively, especially when contrasted with the previous NDC administration.

"Why not? We use averages to measure progress in statistics and economics all the time. It is a valid comparison of the management of the exchange rate under our government versus under the NDC government. The point is that notwithstanding the major global and domestic challenges we have been through, it is remarkable that whereas the exchange-rate depreciation between 2009-2016 averaged 13.9%, between 2017-2023 it averaged 13.1%. That is a fact.

"The data shows that from 2009-2016, the cedi depreciated cumulatively by 71.1%, and between 2017 and 2023, the cumulative depreciation was 64.6%. So, whether you look at the average or the cumulative, the depreciation of the cedi has been lower under our government, notwithstanding the severe global shocks we have endured. That is the basic truth."


2 . Mahama does not 'understand' cedi depreciation - Bawumia in 2018

In a response to a critique by former President John Dramani Mahama, Dr. Mahamudu Bawumia hit back by accusing the National Democratic Congress (NDC) flagbearer of limited knowledge on the cedi depriciation.

"I understand the difficulty of the former President in appreciating the currency depreciation debate. I would try to simplify the explanation for him," he said.

"The depreciation of the Cedi against the US dollar is one of the lowest in the first year of any government since 1992. The data is clear on this indisputable fact," he added.


3 . Economic mismanagement cause of Cedi depreciation not elections - Bawumia in 2012

Then running mate of the NPP, Dr. Mahamudu Bawumia, dismissed what he described as ‘frivolous excuses’ being offered by the ruling NDC government for the rapid depreciation of the Cedi.

According to Dr Bawumia, the cedi is falling in value to major currencies because of incompetent management of the economy by the government, which is eroding confidence in the local currency.

"In 2000, which was the last year of the previous NDC government, an election year, the cedi depreciated by about 50%. In 2004, under the NPP, which was also an election year, the cedi depreciated by only 2.2%. In 2008, with record high crude oil prices and the economy under severe pressure from external economic forces, the currency fell by 20%."


4 . Ghana will save $4.8bn annually in forex from the Gold-for-Oil bartar – Dr. Bawumia in 2023

The Vice President of the Republic, H.E Dr. Mahamudu Bawumia has disclosed that the gold-for-oil programme will save Ghana $4.8 billion per annum, when he addressed a gathering at the inauguration of ultramodern new head office for the Bulk Oil Storage and Transportation

"The savings in foreign exchange, when we do this, will be an annual savings of $4.8 billion every year and that means the oil importing companies will not be going to the bank of Ghana looking for $4.8 billion to buy oil."


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