The Vice President, Dr. Mahamadu Bawumia says the governing New Patriotic Party has performed creditably well compared to the Mahama administration in stabilizing the cedi against major trading currencies.
Speaking at the maiden town hall meeting of the government’s Economic Management Team, Dr. Bawumia said the worst performance of the cedi under the Akufo-Addo government is far above the best performance of the cedi under the Mahama government.
“The data on the annual rate of depreciation of the cedi in recent years shows that the worst performance so far under the NPP government is the 8.4 percent depreciation we saw in 2018. That worst performance is better than the best performance under the previous government between 2012 and 2016,” he said.
The strength of the cedi against other major trading currencies is among the topical economic subject discussed by economists and political leaders in the country.
Last month, the strength of the currency became a concern for many Ghanaians as the cedi depreciated to the level that saw it being traded at nearly GH¢6 to a dollar.
However, within a week, the cedi appreciated fast enough to trade about GH¢5 to a dollar, however, the currency appears to be depreciating again.
But the Vice President is optimistic that the currency will be stable.
He said, “Our worst is better than your [NDC] best and then you say boot for boot. This one is more like boot for ‘chalewote’,” he said adding that “we are trying to do in this country what has not been done since independence. Looking into the future, one can say that Ghana’s future under Akufo-Addo is bright.”