The flagbearer of the New Patriotic Party and Vice President of the Republic of Ghana, Dr. Mahamudu Bawumia has maintained that the depreciation of the Ghana Cedi against the US dollar has shown improvement compared to its value under erstwhile John Mahama administration.
According to Bawumia in an interview with AfricaWatch, he argued that the depreciation of the local currency against the US dollar has been sustainable despite the economic challenge being experienced in the country.
“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%. This is a fact, ” Dr. Bawumia stsated.
He further agued that; ‘The data shows that from 2009-2016, the cedi depreciation cumulatively by 71.1%, and between 2017 and 2023, the cummulative depreciation was 64.6%. So, whether you look at the average of the cummulative, the depreciation of the cedi has been lower under our government, nothwitstanding the severe global shocks we have endured. That is the basic truth.”
Source: GhanaFeed.com
