General News of Sunday, 19 January 2020
International Economic Consultant, Dr. Muazu Ibrahim has commended economic handlers of the government of Nana Akufo-Addo for their efforts in the management of the Cedi since assuming office three years ago.
In an extensive economic article released on Sunday, the international economist and lecturer noted that despite the ongoing propaganda to spite the government’s handling of the Cedi, authentic Bank of Ghana data incontrovertibly proves that the management of the Cedi under the current government has been the best by any government in its first three years in office since 1992.
“What is incontrovertible is that in the midst of the hue and cry and the propaganda, the management of the Cedi under Nana Addo and Dr. Bawumia has been the best for any first three years of any government within their first term since 1992,” the international economic consultant wrote.
Providing data from the Bank of Ghana to buttress his point, Dr. Muazu wrote that from 2017 when the current government assumed office, to date, the Cedis has depreciated by an average of rate of 8.73%, which compares favourably with records of all governments since 1992 in their first three years in office.
From the Bank of Ghana data Dr. Muazu used in his analysis, the only period and government, since 1992, which registered a better management of the Cedi in three years, was in the second term of President Kufuor’s government between 2005 and 2008.
According to the Bank of Ghana data the economist provided, the NDC government recorded a Cedi depreciation record of 27.95% between 1993-1996 and 25.19% between 1997-2000 in President Rawlings’ first and second terms respectively, while the NPP, recorded a Cedi depreciation record of 11.04% between 2001-2004 and 6.77% between 2005-2008 during President Kufuor’s first and second terms respectively.
The NDC again recorded a depreciation record of 10.09% in the first term of late President Mills between 2009-2013, while the government of President Mahama, between 2013-2016, recorded a depreciation of 18.0%.
Having provided the Bank of Ghana data on the records of all governments’ handling of the Cedi in their first term, Dr. Muazu proceeded to make a comparative analysis which further proved that the government of Nana Addo has been the best managers of the Cedi in the first three years of any government in the 4th Republic.
“What does the data tell you?,” Dr. Muazu asked.
“First, in terms of the three-year annual average depreciation from 1992 to date, both the best and second best performances are for the NPP governemnts with the best being President Kufuor’s second term from 2005-2008 and the second best with President Akufo-Addo from 2017 to date,” the economic consultant and lecturer noted.
“But if you look at it from the point of the first term of every government too, you will see the first term of President Akufo-Addo has witnessed the best performance of the Cedi relative to the dollar.”
“Quiet telling from the data I just shared is that, the worst performance of the Cedi happened under the NDC,” he analysed.
While urging the government to do more to consolidate recent appreciation of the Cedi, Dr. Muazu said it is important for critics and analysts to also acknowledge the recent appreciation of the Cedi, as well as the incontrovertible, Bank of Ghana-backed data which shows the management record of the current government.
“Interestingly, while the Cedi is presently gaining ground relative to the Dollar, those complaining about the depreciation of the Cedi are silent about it,” Dr. Muazu observed.
“If we all put the political lenses down, we will simply have to appreciate the efforts made by this government to reduce the rate of depreciation.”
“I will urge them to continue and remind them (government) also that, like Oliver Twust, we shall continuously ask for more, but so far so good. More room for improvement,” he added.
The economist hit at those who have embarked on a deliberate attempt to attack Dr. Bawumia and the economic management team of the government without providing any data.
“Don’t fall for the propaganda from those who have deliberately decided to attack Dr. Bawumia and the government without adducing any data to back their claims. We should, as Ghanaians, be wise and expose people who are only just interested in attacking others even when they are doing better.”
Dr. Muazu maintained that, the current situation is better than before, and that electorates vote to seek improvements on situations.
“It is simply better than before and that is what all voters want. We vote for a change for improvement even if it is not up to our expectation. The fact that there is improvement gives us the hope that with time, it will be better. Keep on President Akufo-Addo. keep on Dr. Bawumia, keep on Bank of Ghana and do more for all Ghanaians.”
Dr. Muazu is a former student of KNUST (BSc Economics, University of London (MA Development Economics) and University of Witwatersrand (Ph. D Financial Economics). He teaches economics and Finance at UDS but currently on a six-month consulting assignment in Ethiopia for the United Nations Economic Commission for Africa.