“We’ve arrested rapid depreciation of Cedi” – Veep

Accra Dr Mahamadu Bawumia, Vice-President of the Republic of Ghana, has reiterated that the government has ‘arrested’ the rapid depreciation of the Ghana Cedi against the United States dollar in the last three years of its administration.

The Vice President said the average exchange rate 8.7% under the New Patriotic Party (NPP) between 2017 and 2019, was twice as stable as the National Democratic Congress’ 18% from 2013 to 2016.

The cedi is depreciating at half the speed that it used to. Under the NDC our currency was depreciating at the speed of Usain Bolt! Under the NPP we have arrested the rapid depreciation of the cedi, he said.

Dr Bawumia was addressing the Government’s Town Hall Meeting and Results Fair, held in Kumasi on the theme; Demonstrating Fulfilment of Our Promises.

He said over the last three years, there had been stability in the depreciation of the Cedi, which was the best performance in the first term of any government in the history of Fourth Republic (since 1992).

Throwing more light on the issue, the Vice President said the exchange rate of the cedi to the dollar as at the end of 2008, was G.18 against the United States (US) Dollar.

However, at the end of eight years, the nominal exchange rate had almost quadrupled to GH4.2, as of the end of December 2016.

Thereafter, under the NPP’s administration, the exchange rate had moved from GH4.2 to GH5.35.

Thankfully this year, the cedi is performing quite well and is currently the best performing currency in the world against the US Dollar, with an appreciation of 3.4% in January, thanks to the excellent management of the Bank of Ghana.

Currently, the Cedi is the best performing currency against the US dollar as reported by international rating agencies, such as Bloomberg.

The Vice-President said the stability of the Cedi was as a result of measures being implemented by the government to grow the country’s economy through various government flagship programmes in Finance, Agriculture, Health, among others.

Over the last three years, policies and programmes of the government across all sectors of the economy have contributed significantly to the stability of the Cedi.

Source: Ghana News Agency