Politics News

The Cedi Has Performed Better Against The Dollar In The last 5-Years Than Any Other Government – Bawumia

Dr. Mahamudu Bawumia, the Vice President, claims that the local currency has depreciated at the slowest rate in 30 years versus the dollar.

The Vice President makes the case that his administration has put in place all of the economic measures necessary to maintain the cedi strong versus the dollar while speaking to members of the incumbent party at the NPP national delegates conference.
Parliament passes the budget for 2022 without the contentious 1.75 percent e-levy.

”According to the Bank of Ghana, the average exchange rate depreciation over the last four years (7.3%) is the lowest for any first term government since 1992. The year 2020 recorded one of the lowest rate of depreciation in the last 28 years.

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The cumulative exchange rate depreciation of 2.6% in November 2021 the year is lower than 9.7% depreciation recorded in 2016. For the first time in over two decades, the trade balance (the difference between what we export and what we import) recorded a surplus for four consecutive years from 2017-2020”, he stated.

Bawumia has been chastised for how he has handled the economy. With a growing debt stock, analysts have warned of a potential debt bubble if not addressed quickly.

Source: AfricaWish.com

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