Cedi depreciated at ‘Usain Bolt speed’ under NDC, stable under NPP – Veep Bawumia

The Akufo-Addo government has yet again touted its economic performance since assuming office some three years ago.

According to the Vice President, Dr. Mahamudu Bawumia, this has been evident in the performance of the cedi.

Dr. Bawumia insists that the currency has performed better and had been stable under the NPP government for long compared with figures under the erstwhile NDC government.

“How has the cedi performed under the government of Nana Akufo-Addo in the last three years? The answer is very simple.  Between 1993 and 1996, which is the first term of the Fourth Republic, the average rate of depreciation of the cedi was 27.95 percent.  From 1997 to 2000, it was 25.19 percent. From 2001 to 2004, we drastically reduced to 11. 4 percent under President Kufuor.  In 2005 to 2008, the second term to 6.75 percent. Between 2009 and 2012, it was 10.95 percent. Under the NDC government between 2013 to 2016 it was 18 percent.  Under Nana Akufo-Addo,  it is 8.7 percent for the first three years.”

“So you can see that the cedi exchange rate from 2017 to 2019 is twice as stable as it was under the NDC  from 2013 to 2016. It has depreciated by 50 percent. It is twice as stable under the NPP. Under the NDC, our currency was depreciating at the speed of Usain Bolt. Under the NPP, we have arrested the rapid depreciation of the cedi and we will make no apologies for that. But why does the NDC in the face of such incontrovertible evidence insist that they can do a better job of managing the cedi? In the history of the fourth republic, Nana Akufo-Addo has the best performance of any first-term government since 1992.”

Dr. Bawumia made the remark at a Town Hall meeting held in Kumasi in the Ashanti Region on Tuesday.

The town hall meeting was themed: “Demonstrating fulfilment of our promises.”

Speaking at the Town Hall meeting, Dr. Bawumia also wondered why the NDC has failed to recognize these successes chalked by the NPP given what he says is the ‘ incontrovertible evidence’ available.

“But why does the NDC  in the face of such incontrovertible evidence insist that they can do a better job of managing the cedi? In the history of the Fourth Republic, Nana Akufo-Addo has the best performance of any first-term government since 1992,” the Vice President argued.

Reason for Town hall meeting

The Government Town Hall Meeting was aimed at providing a platform for government to account for its stewardship to the people of Ghana.

The Minister of Information had earlier said one of the reasons for the meeting was to enable government “account to the people. If you look at our constitution, probity and accountability are ingrained in the constitution. We must on a regular basis also update and tell the people what we have done and they will have the opportunity to agree or disagree.”

Source: Ghana/otecfmghana.com

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