The Vice President, Dr. Mahamudu Bawumia, says the Akufo-Addo administration is the best manager of the cedi in 29 years.
In the forex market, the cedi has hit the 6 cedis to 1 dollar threshold. But Dr. Bawumia says the performance of the cedi for 2020 and 2021 has been superb.
Addressing a regional seminar of the Tertiary Students Confederacy of the NPP (TESCON), Dr. Bawumiah commended the Bank of Ghana for what he believes to be a good job done.
“I doth my heart to the Central Bank for the work that they are doing in the management of the exchange rate. Cumulatively, from the beginning of the year to date, the exchange rate has depreciated by 0.6% against the US dollar but it has appreciated by 3.6% against the Euro.”
On the country’s international reserves, Dr. Bawumiah makes the point that even amid COVID-19, the country’s international reserves position has increased to the equivalence of 5-months of import cover, a phenomenon, he says, represents one of the highest international reserves positions on record in the history of Ghana.
Ghana’s debt crisis.
The International Monetary Fund – a global lender to Ghana – says the country is in debt.
Recent statistics from the IMF show that Ghana’s debt is currently GHȼ332.4 billion cedis. What this means is that every Ghanaian will owes GHȼ11,133.
This is GHC1,433 more than what was owed by the close of December 2020. That is, from GHȼ9,700 in 2020 to GHȼ11,133 as of June ending 2021.
A private legal practitioner, Matin Kpebu, is angry at how the government is spending the taxes of Ghanaians.
Speaking on the Newsfile show on Joy News, Martin Kpebu cried that wasteful spending is currently the order of the day at various ministries.
“Whenever you go to the Ministries, you see V8s all over the place. It’s terrible.” Private Legal Practitioner Martin Kpebu cried.
Fall out of 2024 elections
President Akufo-Addo will retire from the presidential elections in 2024.
But, as his tenure inched to a close, the 77-year-old leader has waded into a new debate. He wants the 8-year cycle of partisan changes in elections to end.
Speaking at the 29th anniversary of the New Patriotic Party (NPP), Nana Akufo-Addo prophesies his party’s comeback in the 2024 presidential election.