Source: newsthemegh.com
Dr. Mahamudu Bawumia, the leader of the New Patriotic Party, has stated that the cedi’s value has improved compared to the National Democratic Congress government’s time in office.
In an interview with AfricaWatch Magazine, Dr. Bawumia emphasized his stance on stabilizing the value of the cedi and the cedi’s resiliency under President Akufo-Addo’s government.
He said that even though there are still problems with the world economy, the cedi’s devaluation has been handled well, especially in comparison to the previous NDC government.
“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.” Dr Bawumia said.
Africawatch Page With Story (Courtesy of AFRICAWATCH MAGAZINE)
