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Wednesday, October 5, 2022

Bawumia Speaks: Cedi More Stable Than Under Mahama | Economy

The Vice-President, Dr Mahamudu Bawumia says the Ghana cedi is doing better compared to its performance under the erstwhile Mahama administration.

As of March 2022, the Bank of Ghana indicated that so far in 2022, the cedi depreciated by about 14.6% to the US dollar. 

Speaking at a forum organized by TESCON in collaboration with the Danquah Institute at the Pentecost Conference Centre at the Millennium City in Kasoa in the Central Region, Thursday, 7 April 2022, Dr Bawumia said unlike the cedi depreciating at a rate of 18 percent under former President John Mahama, “average exchange rate depreciation during 2017-2021″ is “6.8% under our government”

“Average exchange rate depreciation during 2017-2021, at 6.8% under our government, is more than twice as stable than during the 2013-2016 period. The financial markets assessment of the 2022 Budget generally concluded that the projected 40% increase in revenue underpinning the budget would likely not materialize and therefore the deficit will be higher than projected” he said.

Source: Peacefmonline.com



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