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Cedi depreciation: John Mahama lacks 'understanding' – Bawumia

By PrimeNewsGhana

The Vice President, Dr Mahamudu Bawumia has chided former President John Mahama for his tweet on the cedi’s depreciation in Ghana.

In a social media post on Sunday, Dr Bawumia described John Mahama’s criticism as a lack of understanding of the key aspects of the economy.

“The depreciation of the Cedi against the US dollar is one of the lowest in the first year of any government since 1992. The data is clear on this indisputable fact.”

clarifying those “facts” the Vice President stated that “in the entire 8 years of President Kufuor’s (NPP) rule from 2001 to 2008, the price of the Cedi relative to the dollar moved from GHc0.7 to GHc1.2, representing a depreciation of 72%”.

He painted a rather gloomy picture of the National Democratic Congress’ (NDC) eight-year rule which he explained caused a heavy depreciating of the local currency against the US dollar.

“…the 8 years rule of both Presidents Mills and Mahama (NDC) from 2009 to 2016 the Cedi depreciated by 247%, moving from GHc1.2 to GHc4.2,” he stated.

“Such higher rate of depreciation in less than a decade is simply unacceptable and signifies high levels of incompetence,” he added.

On June 12, 2018 Mr Mahama posted on Twitter "Today, GHC4.7 to $1. Weak fundamentals?".

He added a video of Dr Bawumia criticizing his [Mahama] government of having weak fundamentals for which the cedi was depreciating then.


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