VICE PRESIDENT Dr. Mahamudu Bawumia has jabbed the opposition National Democratic Congress (NDC) over the management of the Ghana cedi.
According to the Vice President, even though the cedi has experienced some depreciation under the New Patriotic Party’s government, the ruling party’s performance in terms of management of the cedi is far better than that of the NDC.
He stated emphatically that NPP’s worst performance in terms of the management of the depreciation of the cedi is far more better then the best of the NDC.
Dr. Bawumia said this in his presentation at the Ministry of Information’s 2019 TownHall Meeting with the Economic Management Team (EMT) of Government on Wednesday at the College of Physicians and Surgeons in Accra.
Speaking under the theme for the meeting: “Our Progress, Our Status, Our Future,” the Vice President said “the data on the annual rate of depreciation of the cedi in recent years shows that the worst performance so far under the NPP’s government, the 8.4 percent depreciation that we saw in 2018, that worst performance is better than the best performance under the previous government between 2012 and 2016.”
Making a comparison between the erstwhile John Mahama’s administration and the President Akufo-Addo’s government, he recounted that in 2014, the exchange rate depreciated by 31.3 percent, fiscal deficit was 10.1 percent of GDP, public debt rose 70.2 percent of GDP, inflation rose to 17percent and GDP growth had declined from 7.3 percent to 4 percent.
He added that “in other words, the economic fundamentals had weakened significantly, and therefore the depreciation was easily explainable. It was not caused by dwarfs or high-rise building. The exchange rate in 2014 had exposed the weak economic fundamentals.”
All the fundamentals including current account compared, he said “you will see we were in a much weaker position in 2014 compared to 2018.”
According to the Vice President, at the end of December 2017, the cedi had cumulatively depreciated by 4.9 percent compared to 9.6 percent in 2016 and this was the cedi’s best performance since 2011.”
The start of 2019 has been characterized by another sudden sharp depreciation of the cedi which has been revised.
The cedi however depreciated by 8.4 percent in 2018 largely on account of the emerging market pressures and US interest rate increases.
So our worst is better than your best and then you say boot-for-boot. This one is more like boot-for-chale wote., he said, to a cheering crowd.
‘I Stand By My Statement’
Making reference to a comment he made about the economy in 2014 which the NDC has been playing propaganda with in recent months in the wake of the depreciation of the cedi, the Vice President, “Ladies and gentlemen, you will recall that I stated in 2014 that if the fundamentals are weak, the exchange rate will expose you. That was true then and it is true now. It is 100 percent correct.”
He added that “So if the fundamentals are weak, the exchange rate will expose,” adding that but if the exchange rate moves, you cannot jump to that conclusion that the fundamentals are weak; that defiles logic.”
Source: Daily Guide
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far better than the usellese ndc who always come and destroy our economy through unbridle spending and luuuting from the public purse never again are we going to allow those nation wreckers to come anywhere near political power, kwashia buuuului ndc juloi full of kobolor and illiterates
This guy is behaving like my middle school maths teacher.... After teaching you the formula, you work with the same formula then he marks you wrong......
THIS IS THE SPEECH OF A FAILED INDIVIDUAL OR GOVERNMENT. TO START COMPARING YOUR WORST PERFORMANCE TO SOMEONE'S GOOD PERFORMANCE. I REMEMBER VERY WELL IN MY DAYS IN THE SECONDARY SCHOOL, A SENIOR WHO HAD FAILED AT THE "O" LEVELS UPON SEEING IS BAD RESULTS HAD TO BOAST BEFORE HIS SCHOOL MATES THAT HE HAS "ACHIEVED WHAT ALL OTHERS WERE FIGHT AGAINST". THAT IS EXACTLY WHAT MAHAMADU BAWUMILIAR IS JUST SAY.
why do you always bring NDC into your matters..cant you let go off the Opposition parties and for once focus on development of this country...Must you always talk about their weakness..as far as am concern..NDC is far better as compared to this incompetent government
Cement is now 37 CEDI's. dollar to cedi is now 5.4 u are here saying ur worst is someone best. I feel ashamed if the whole PhD in economics is saying this. Under NDC bad governor u Vice president criticised, cement was 29 CEDI's and dollar to CEDI's rate was 4.2. Which u said the economy is broke. Now urs is worst than bf and u are still defending. I feel sad bcos u hv shown PhD is nothing.