Former Governor of the Bank of Ghana, Dr Kwabena Duffuor, says Ghana’s weak exchange rate has exposed the incompetence of Vice President, Dr Mahamudu Bawumia and the country’s economic management team.
According to Dr Duffuor, the cedi keeps falling at a fast rate against the dollar and claims by the Vice President that he had the competence to stabilise the cedi prior to the 2016 elections have been proven to be mere rhetoric.
“There are challenges obviously, look at the cedi for example, when I was in office [2012] you needed 1 cedi 88 pesewas to get a dollar but now you need 6 cedis 20 pesewas to get a dollar. Years ago, Dr Bawumia said when the fundamentals are weak the exchange rate will expose you, the exchange has exposed the government now, meaning the fundamentals are weak by Bawumia’s own explanation,” Dr Duffuor said on GHONE TV Monday, December 6.
