Vice-President Dr Mahamudu Bawumia has said the Akufo-Addo government has “tamed” the cedi from its high depreciation.
The “exchange rate depreciation has been tamed”, he said on Sunday, 22 December 2019 when he addressed the governing New Patriotic Party’s National Delegates Conference at the Ghana International Trade Fair Centre.
“I know our opponents want to say that we have not managed the exchange rate. Well, they just are not reading the data”, Dr Bawumia said, adding: “If you look at the data, you will know that the government of Nana Addo Dankwa Akufo-Addo – when you look at the annual average depreciation of the cedi – since 1992, our government is the second best-performing; the first is the government of President J.A. Kufuor during 2005 – 2008”.
“So, if we have seen an annual average depreciation of our currency of 8.7 per cent and when NDC was in power between 2013 and 2016, the average annual depreciation rate was 18 per cent, we are at 8.7 per cent, you’re at 18 per cent and you’re telling us we cannot manage it [cedi] well; you must be joking”, the Vice-President told the biggest opposition National Democratic Congress (NDC).
Just recently, a vocal NDC MP, Mr Isaac Adongo, said the cedi had fallen by 18 per cent and wondered what the Vice-President, who, a few years ago, said he had arrested the fall of the cedi, was doing about the situation.
According to the Bolgatanga Central lawmaker, the shortage of the US dollar and a lack of confidence in the Ghanaian economy are the causes of the free fall of the cedi.
In September 2018, Dr Bawumia, while addressing a town-hall meeting on the government’s achievements in the first 100 days, said the free fall of the cedi had been arrested, and the keys given to the Inspector-General of Police (IGP) for safekeeping.