The Vice President, Dr. Mahamudu Bawumia has firmly insisted that Ghana’s exchange rate has actually fared much better under the Akufo-Addo-led government than the previous administration.
Dr. Bawumia stated this in reaction to criticisms that the cedi keeps diminishing against significant currencies despite his remarks that the exchange rate is under control.
While protecting the government’s macroeconomic performance, Dr. Bawumia maintained that the current depreciation of the cedi is 50 percent less than the erstwhile National Democratic Congress (NDC) administration.
Speaking on the Super Morning Show on Joy FM, Monday, he said “I think that fundamentally we have managed the cedi much better by all account. We did arrest the runaway depreciation in the cedi and therefore if you look at the record in terms of the depreciation of the cedi in the last four, five years or eight years, we will see that since the NPP government came to power, the rate of the cedi depreciation is 50% less than what it was before. That is what the data shows, so it’s 50% less.
“We have arrested the depreciation of the cedi, brought down inflation, we have brought down the interest rate, we have increased growth, reduced unemployment reduced the suffering of the people in terms of paying for electricity and created many jobs,” he stated.
The Vice President stated that he is happy the government has been able to manage the economy better even in the face of Covid-19.
“So in terms of our management of the economy, we are very happy and very willing to fight on the record of what we have achieved across the board…”
