The vice president and presidential candidate of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia has boldly claimed the NPP government depreciated the cedis lower than the NDC despite the cedi to a dollar being at 17 cedis today.
It must be noted that in 2016 when the NDC was leaving office the cedi to a dollar was 4.2 cedis, but today with the NPP in government the cedi to a dollar is at 17 cedis.
According to the Vice President, the NDC does not understand the exchange rate because performance is not measured based on the depreciation rates.
Dr. Bawumia asserted that the NDC in 8 years depreciated the cedi by 74% with no global crisis, but the NPP have depreciated the cedi by 72% with a global crisis.
Speaking on a campaign platform, Dr. Bawumia stated, “If they say that we have mismanaged the cedi, then they mismanage it worse than we have without crisis”.
“I am coming to talk a little about the exchange rates, I want them to hear because they do not understand when it comes to the exchange rate, we don’t measure performance by the rate of depreciation, is that not it?”, he added.
Dr. Bawumia further detailed, “So, if you look at their time, in the NDC period of 8 years the cedi depreciated by 74%, without a crisis, 8 years no crisis, no global crisis, no covid pandemic, no Russia-Ukraine war, no global economic recession, 8 years 74%”.
“Under the NPP as of today after 8 years in office with a global economic crisis, with the covid pandemic, we have depreciated the cedi by 72% which is lower than their depreciation”, he boldly claimed.
Meanwhile, today the cedi continues to experience varied depreciation levels under the current Akufo-Addo and Bawumia government with the cedi trading at GH¢17.00 to a dollar.
The information gathered suggests recent depreciation of the Ghana cedi against the major foreign currencies is expected to continue due to subdued foreign exchange liquidity.
Watch the video below:
Vice President and Presidential Candidate for the NPP, Dr. Mahamudu Bawumia fumes, says although his government has mismanaged the cedi, the NDC mismanaged it worse than they have. pic.twitter.com/JZw1QY6soc
— EDHUB🌍ℹ (@eddie_wrt) November 28, 2024
