Cedi depreciation by 72% under NPP is better than 74% under NDC – Bawumia

Vice President and flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has asserted that the Akufo-Addo government has managed the exchange rate more effectively than the National Democratic Congress (NDC), even in the face of global economic challenges.

According to Dr Bawumia, the NPP’s handling of the exchange rate demonstrates superior economic management knowhow compared to the NDC., particularly because the latter did not face significant global crises during their tenure.

Dr Bawumia highlighted that under the NPP government, the Ghanaian cedi has depreciated by 72%, whereas the NDC oversaw a 74% depreciation during their tenure.

Speaking at a rally in the Krowor Constituency on November 28, Dr Bawumia argued that this comparison underscores the NPP’s resilience in navigating difficult economic conditions, especially considering the external factors that have affected the global economy.

The Vice President insisted that the performance of the exchange rate should be assessed based on the rate of depreciation, rather than focusing solely on nominal figures.

Dr Bawumia stated that the NDC lacks a proper understanding of how exchange rates are measured and managed.

He urged Ghanaians to consider the broader context and external factors when evaluating the government’s economic performance, reaffirming the NPP’s commitment to stabilising the economy despite unprecedented global difficulties.

“I want to talk about the exchange rate, and I want them (NDC) to listen because they don’t understand. When it comes to the exchange rate, we measure the performance of by the rates of depreciation and when you look at their period the Cedi depreciated by 74% without a global crisis, no Russia-Ukraine war, no Covid-19 outbreak and no global economic recession and under the NPP for eight years with a global economic crisis, we have depreciated the Cedi by 72% which is lower than their depreciation,” he stated.

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