The Vice-President of the Republic, Dr. Mahamudu Bawumia has stated that notwithstanding the recent volatility of the Ghana cedi, the data shows that it has seen the slowest depreciation against the US dollar for the first eighteen months of any government since 1993.
This, he argued, is due to relatively stronger macroeconomic fundamentals arising from the implementation of prudent economic policies by the Nana Addo Dankwa Akufo-Addo government.
Citing data from the Bank of Ghana, Vice President Bawumia said the cedi depreciated against the dollar on year-on-year basis by 17.5% (2012), 14.5% (2013), 31.3% (2014), 15.7% (2015), 9.7% (2016) and 4.9% (2017).
Furthermore, the Vice President noted “that the data also shows that the depreciations for the first half (6 months) of the years from 2012 give 17.2% (2012), 3.4% (2013), 26.7% (2014), 26.1% (2015), 3.3% (2016), 3.7% (2017), and 2.4% in 2018”.
“When our opponents criticize us about the recent depreciation of the cedi, it is like running a 100 meter race with someone who finishes 24 seconds behind you and proceeds to criticize you for not running fast enough,” he said.
Vice President Dr Mahamudu Bawumia made the case for the NPP’s better management of the economy when he gave the Keynote Address at the 2018 National Policy Summits at Kumasi on Monday 23rd July, 2018.
The Policy Summit, the third in the series organised by the Ministry of Information and focusing on the economy, is under the theme “Assessing the Growth, Jobs and Prosperity Agenda.”
It is being attended by stakeholders and major players in Ghana’s economy, and will assess and proffer suggestions on ways to ensure greater financial and social inclusion.
Source: Peacefmonline.com/Ghana
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It is either you people dont read , can read but dont understand or are just plain dumb. The man has given you the statistics and it is plain what he is saying is true. Some of us who deal in dollars a lot did not even have to get this statistics to know that this is the situation. The plain fact is that even though the cedi has suffered some depreciation the performance of the cedi against the dollar is much much better this year so far than in previous times/years.
You and your boss were on record saying that Ghana is not poor. Go bring the money out. My mother does not care whether depreciation is slow or fast. What she cares is stability of the cedi so that she can buy soap to wash and cutlass to work on her farm. Stop disturbing our ears.
Fundamentals of Ghana's economy keep changing regime after regime. For instance, the economy we have today is different from what we had under Rawlings and Kuffuor due to emergence of oil. Even under Mills, Mahama and Akuffo Addo, the magnitude of oil keep changing. Therefore embarking on inter regime comparison of economic variable without reference to such obvious changes is not just disingenuous but also dishonest. Dr. Bawumia should know there are many intelligent person in this country, hence should stop taking advantage of the ***barred word*** masses to mislead the country.
The way i trusted this man to turn around this country for the better but seeing the opposite,all the lies he put together before the election was just to deceive us to give him job to take care of his family, upon all these he is still insulting us because we are illiterate, No blackman is capable of managing his own affairs.
EIIII MY VICE PRESIDENT A DEPRECIATION IS A DEPRECIATION KINDLY GIVE US A BREAK AND GET YOUR ***barred word*** WORKING FOR APPRECIATION . WHAT A SHAME!! SHA SHA SHAAAAAME.
What is wrong with this Bawumiah Guy? Is this the best explanations to give to Ghanaians after all the series of lectures he organized during his time in opposition? A Very d.i.s.g.r.a.c.e.f.u.l Vice president Ghana has ever had
This Bawumia guy honestly is so ***barred word***. You think we’re fulls in this country? It’s very painful to call you a doctor and yet listening to you feels like you never really worked for your doctorate degree. This is the worst Vice President ever. A Vice President who lies about everything. Very sad. Doesn’t he realized that he is becoming a serial liar. Someone should stop this guy from talking because he makes more sense when he is quite
Abi na you de run ur mouth??? hehehehehehehehe,. you think say economics be mouth.
low depreciation paa, hahahaha. We thought under you, there would be no depreciation. Politricians
you have no shame