Ransford Gyampo slams Bawumia for playing politics with cedi depreciation

General News of Wednesday, 19 September 2018

Source: todaygh.com

2018-09-19

Prof. Ransford Gyampo is a lecturer with University of Ghana

A professor at the University of Ghana (UG), Ransford Gyampo, has taken a swipe at the Akufo-Addo-led government for comparing the current state of the cedi with what pertained under the previous National Democratic Congress (NDC) administration.

He, therefore, asked the current administration to “focus on dealing with the economic hardships Ghanaians were saddled with and stop comparing itself with the NDC.”

According to him, the NPP’s decision to compare its performance to the NDC regime that suffered what he described as a monumental electoral defeat was a clear admission of failure and mediocrity.

Vice-President, Dr Mahamudu Bawumia, had said that the Akufo-Addo government under the New Patriotic Party (NPP) had performed far better in managing the depreciation of the Ghana cedi in relation to the US dollar than the erstwhile Mahama-led NDC administration.

Making reference to data from the Bank of Ghana (BoG) to buttress his point, Dr Bawumia said: “The Cedi exchange rate increased from 1.1 to 4.2 to the dollar between 2008 and 2016. At the time we assumed office, the cedi exchange rate was some 4.2 cedis to the dollar. Today, if you look at the Bank of Ghana data, it is at 4.75 to the dollar. It is, therefore, absolutely clear and incontrovertible that we, as a government, under Nana Addo Dankwa Akufo-Addo’s leadership, and the management at the ministry of finance; and the Bank of Ghana, it is clear that we have managed the exchange rate much better than our predecessors.”

Dr Bawumia made these remarks at the launch of the School Entrepreneurship Initiative programme at the Ghana Senior High School, Tamale, on Friday, September 14, 2018.

But in a Facebook post yesterday (Tuesday, September 18, 2018), Prof Gyampo said: “When people are suffering, you don’t tell them you are better managers than the NDC. Comparing your performance to a regime that suffered such a monumental defeat is a tacit admission of failure and mediocrity. Please communicate a better explanation because you are reputed to be the most competent person in pontificating about issues relating to the economy.

“Times are tough. Appointees and those around the corridors of power who are fully catered for by the state with the taxpayers’ money may not appreciate this. Also, note that some partisan sycophants who are complaining about hardships behind the scenes are refusing to make their feelings public. Further, please be aware that others are refusing to speak candidly because it is their government in power.

“Kindly speak to the ordinary Ghanaian to have a clearer sense of how they feel. Last Sunday at church, an Elder who was preaching broke down and confessed as follows: ‘Enuanom, me y3 NPP ni paa, na mmom Ghana ay3 din!’ This is an importer who complained bitterly about how the exchange rate is killing businessmen and women. To tell me he is lying is insensitive.

“Please accept that times are hard; explain succinctly, the causes to Ghanaians, and communicate the measures that have been put in place whose fruitful results may be experienced later. This is the only way we can all tighten our belts to endure these austerity times, in the hope that we shall overcome the economic turbulence.”


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