Our government's Cedi collapse is less than what we inherited, according to Bawumia

The Akufo-Addo administration has handled the native currency, the Cedi, significantly better than the previous Mahama administration, according to Vice President Dr. Mahamudu Bawumia.

He claims that compared to Mr. Mahama's tenure, the rate at which the Cedi depreciates against the major trading currencies, particularly the Dollar, has decreased.

The New Patriotic Party (NPP) flagbearer stated, "The depreciation of the Cedi under our government is lower than what we inherited from the 2013-2016," on Wednesday, February 7, at the University of Professional Studies in Accra.
Dr. Bawumia went on to say that the world economy, including Ghana's, was severely damaged by the Russia-Ukraine war and the Covid pandemic.

He recalled that the Akufo-Addo administration stabilized the economy and all economic indicators were going in the right direction, despite the difficulties they inherited from the Mahama administration.

But the war and the epidemic had a deleterious effect on these measures, he claimed.

"Despite the challenges we inherited, we had to move forward.Among other things, we need to reform DUMsor, National Health Insurance, pay off the debts, and provide free and open education.

"Every indicator, including industry growth, fiscal deficits, exchange rates, and economic growth, was trending upward between 2017 and 2019."

"We faced many difficulties in 2020 and 2022 as a result of the pandemic that stopped the world," he stated.

Taking advantage of the occasion, Dr. Bawumia also praised the Bank of Ghana for its assistance to the government during the crisis.

He said that the central bank was being unfairly criticized.
"At a crucial juncture, the Bank of Ghana gave the government the necessary funding." He stated that the BoG acted responsibly by prioritizing the interests of the people.