We've recorded lower depreciation of cedi than we inherited - Dr. Bawumia

The Flagbearer of the New Patriotic Party, Dr. Mahamudu Bawumia, emphasized that the depreciation of the cedi under the New Patriotic Party (NPP) has been lower compared to previous periods.

In his national address outlining his vision as NPP flagbearer, Dr. Bawumia pointed out that from 2013 to 2016, the cedi depreciated by an average of 17.7%.

He highlighted,

Read full article"Between 2017 and 2020, there was a significant decline in the cedi depreciation to an average of 7.5%. The average cedi depreciation further dropped to 6.8% between 2017 and 2021."

However, Dr. Bawumia noted a shift, stating, "Following the 30% depreciation of the cedi in 2022, the average cedi depreciation between 2017 and 2022 stands at 10.75%," underscoring the importance of this change in trajectory.

Despite acknowledging the challenges posed by domestic and global economic crises, the Vice President affirmed that the depreciation of the cedi under the NPP government remained lower than the inherited rates from the 2013-2016 period.