Vice President and NPP flagbearer, Dr. Mahamudu Bawumia, has asserted that the Akufo-Addo government has handled the exchange rate more effectively than the National Democratic Congress (NDC), even amidst global economic challenges.
Dr. Bawumia emphasized that the NPP’s management of the exchange rate demonstrates superior economic stewardship compared to the NDC, which did not face such significant global crises during their time in power.
He pointed out that under the NPP, the Ghanaian cedi has depreciated by 74%, whereas the NDC saw a 72% depreciation during their tenure.
According to Dr. Bawumia, this comparison highlights the NPP’s resilience in managing the economy, especially in light of the external factors impacting the global economy.
The Vice President stressed that exchange rate performance should be assessed based on depreciation rates, rather than just nominal figures. He argued that the NPP’s approach to currency stability has been more robust and effective, even under challenging global conditions, compared to the NDC’s record during a more stable global environment.
Dr. Bawumia also criticized the NDC for lacking a proper understanding of how exchange rates are measured and managed.
He urged Ghanaians to take the broader economic context into account when assessing the government’s economic performance, reiterating the NPP’s commitment to stabilizing the economy despite the unprecedented global challenges.
I want to talk about the exchange rate and I want them (NDC) to listen because they don’t understand. When it comes to the exchange rate, we measure the performance of by the rates of depreciation and when you look at their period the Cedi depreciated by 74% without a global crisis, no Russia-Ukraine war, no Covid-19 outbreak and no global economic recession and under the NPP for eight years with a global economic crisis, we have depreciated the Cedi by 72% which is lower than their depreciation
