Cedi down just 7%; we’re better managers than NDC – Bawumia

Vice-President Dr Mahamudu Bawumia has said that the Akufo-Addo government under the New Patriotic Party (NPP), has performed far better in managing the depreciation of the Ghana cedi in relation to the U.S. dollar than the erstwhile Mahama-led National Democratic Congress (NDC) administration.

Making reference to data from the Bank of Ghana to buttress his point, Dr. Bawumia said: “The Cedi exchange rate increased from 1.1 to 4.2 to the Dollar between 2008 and 2016. At the time we assumed office, the cedi exchange rate was some 4.2 cedis to the Dollar. Today, if you look at the Bank of Ghana data, it is at 4.75 to the dollar. It is, therefore, absolutely clear and incontrovertible that we, as a government, under Nana Addo Dankwa Akufo-Addo’s leadership, and the management at the Ministry of Finance; and the Bank of Ghana, it is clear that we have managed the exchange rate much better than our predecessors”.

Dr. Bawumia made these remarks at the launch of the School Entrepreneurship Initiative programme at the Ghana Senior High School, Tamale, on Friday, 14 September 2018.

Critics have blamed government policies for the weakening of the cedi against the U.S. dollar.

The cedi has narrowly neared the GHS5 to $1 rate.

However, Dr. Bawumia explained that: “So far, this year, the Ghana cedi has depreciated by just seven per cent against the U.S. dollar”.

In his view, “The exchange rate between the cedi and the dollar has remained relatively stable when compared to the movements in other currencies against the dollar. The reason for this is because of the relatively stronger fundamentals that we have in our economy”.

Dr Bawumia said, for instance, that the Argentina Peso has depreciated by 50.2 per cent; Turkish Lira by 42 per cent; South African Rand by 19.2 per cent; Indian Rupees by 11 per cent; and the UK Pound Sterling by 4.2 per cent, against the U.S. dollar, hence Ghana has performed creditably by managing a seven per cent depreciation within the same period.

 

 

Source: Classfmonline.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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