VICE PRESIDENT Dr. Mahamudu Bawumia has jabbed the opposition National Democratic Congress (NDC) over the management of the Ghana cedi.
According to the Vice President, even though the cedi has experienced some depreciation under the New Patriotic Party’s government, the ruling party’s performance in terms of management of the cedi is far better than that of the NDC.
He stated emphatically that NPP’s worst performance in terms of the management of the depreciation of the cedi is far more better then the best of the NDC.
Dr. Bawumia said this in his presentation at the Ministry of Information’s 2019 TownHall Meeting with the Economic Management Team (EMT) of Government on Wednesday at the College of Physicians and Surgeons in Accra.
Speaking under the theme for the meeting: “Our Progress, Our Status, Our Future,” the Vice President said “the data on the annual rate of depreciation of the cedi in recent years shows that the worst performance so far under the NPP’s government, the 8.4 percent depreciation that we saw in 2018, that worst performance is better than the best performance under the previous government between 2012 and 2016.”
Making a comparison between the erstwhile John Mahama’s administration and the President Akufo-Addo’s government, he recounted that in 2014, the exchange rate depreciated by 31.3 percent, fiscal deficit was 10.1 percent of GDP, public debt rose 70.2 percent of GDP, inflation rose to 17percent and GDP growth had declined from 7.3 percent to 4 percent.
He added that “in other words, the economic fundamentals had weakened significantly, and therefore the depreciation was easily explainable. It was not caused by dwarfs or high-rise building. The exchange rate in 2014 had exposed the weak economic fundamentals…Continue Reading