Editor of the New Crusading Guide, Kweku Baako says Vice President Dr Mahamudu Bawumia is one of the best communicators Ghana has ever had.
Speaking on Metro TV’s Good Morning Ghana programme in reactions to the Economic Management Team town hall meeting held on Wednesday, Kweku Baako said Dr Bawumia is a good communicator, who is able to simplify economics to the understanding of everyone.
Kweku Baako believes that the brilliance of Vice-President Dr Mahammudu Bawumia presents a major challenge to the main opposition National Democratic Congress (NDC)
“It appears Dr Bawumia is a problem for his political opponents. I have been around Ghanaian politics for a very long time and I can tell you Dr Bawumia is one of the best communicators we have ever had. He is articulate, he is coherent and he is focused.”
“He makes economics very simple. He is able to reduce very complicated issues, so, I see why he represents a problem and a challenge for some people. I think the town hall meeting was a useful exercise,” he added.
Dr Bawumia on Wednesday, 3 April 2019 said at a town hall meeting of the Economic Management Team that it is “warped” reasoning for the NDC to say that the fact that there has been a fall in the value of the cedi necessarily means Ghana’s economic fundamentals are weak.
Giving reasons for the Cedi depreciation, Dr Bawumia said the seven action plan given to the country by the IMF, which was to be completed by March this year, was the caused of the Cedi depreciation.
According to Dr Bawumia, while the cedi was depreciating the Bank of Ghana could not intervene because the Central Bank was required to increase its net international reserves to the level of December 2018, which means the Bank of Ghana could not sell any foreign exchange on the market.
The Cedi depreciated for the first three months of 2019, the situation made it difficult for businessmen to transact business smoothly.
Explaining the real cause of the cedi depreciation, Dr Bawumia said:
"the most important and the proximate cause of the the recent depreciation is the time inconsistency of an IMF prior action on the reserves target, at the end of January as part of the 7th prior actions to get to the IMF board and completion of the IMF programme the IMF gave Ghana 7 actions to complete before March 2019, one of the conditions that the Bank of Ghana had to meet was to increase its net international reserves to the level of December 2018, to increase the net international reserve however meant that the Bank of Ghana could not sell any foreign exchange in the market, they have to hold their hands to the back and could not intervene on the market during this particular market so demands for foreign currency was not met by supply as it normally happens on a day to day basis, we when the demand is greater than the demand the price will go up and this is exactly what was happening."
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