<\/p>\n
Vice President Dr. Mahamudu Bawumia<\/strong><\/p>\n VICE PRESIDENT Dr. Mahamudu Bawumia has indicated that Ghana\u2019s local currency is twice stronger under President Akufo-Addo than it was under former President John Mahama and his National Democratic Congress (NDC) administration.<\/p>\n The Vice President, who disclosed this last Thursday at Millennium City, Kasoa, in the Central Region, was the main speaker at a public lecture dubbed, \u201cBawumia Speaks on the Economy.\u201d<\/p>\n It was a timely delivery targeted at setting the records straight on some wild allegations being spewed out by the opposition NDC about the Akufo-Addo administration\u2019s strategic management of the economy, despite the problems visited by the COVID-19 and the Russia-Ukraine war on most economies globally.<\/p>\n In a live broadcast from the Pentecost Convention Centre, where he addressed a national TESCON conference jointly organised by the Tertiary Education Students Confederacy (TESCON) of the NPP and the Danquah Institute (DI), he averred, \u201cThe data shows a clear dichotomy for the\u00a0depreciation of the cedi between 2013-2016 and 2017-2021. Cedi depreciation reached a high of 32.5% in 2014\u00a0and declined to 9.7% by 2016. The rate of depreciation\u00a0further declined to 4.7% in 2017 before increasing to\u00a012.9% in 2019 and declining again to 3.9% in 2020 and\u00a0registering 4.1% in 2021.\u201d<\/p>\n The data, which he credited to the Bank of Ghana, he said, also \u201cshows that average exchange rate\u00a0depreciation during 2017-2021 period at 6.8% under our\u00a0government is more than twice as stable than during the 2013-2016 period, where the average depreciation rate was\u00a018%.\u201d<\/p>\n \u201cIn fact, in the history of the Fourth Republic, the worst\u00a0performances for exchange rate depreciation happened\u00a0during 1993-2000 and 2009-2016,\u201d he said.<\/p>\n He was, however, quick to admit that \u201cthe first quarter of 2022 has however seen the sharpest first quarter depreciation of the cedi since 2015,\u201d and that data from\u00a0the Bank of Ghana shows that at the end of March the cedi had depreciated by 15.5%.<\/p>\n On the question of why the country witnessed such a major depreciation of the exchange\u00a0rate in the first quarter, Dr. Bawumia, a celebrated economist and former Deputy Governor of the Bank of Ghana, said \u201ca number of factors can be\u00a0adduced; the financial markets assessment of the 2022 Budget\u00a0generally concluded that the projected 40% increase in\u00a0revenue underpinning the budget would likely not\u00a0materialise and, therefore, the deficit will be higher than\u00a0projected.\u201d<\/p>\n BY Charles Takyi-Boadu<\/strong><\/p>\n \n\t<\/div>\n","protected":false},"excerpt":{"rendered":" Vice President Dr. Mahamudu Bawumia VICE PRESIDENT Dr. Mahamudu Bawumia has indicated that Ghana\u2019s local currency is twice stronger under President Akufo-Addo than it was under former President John Mahama and his National Democratic Congress (NDC) administration. The Vice President, who disclosed this last Thursday at Millennium City, Kasoa, in the Central Region, was the […]<\/p>\n","protected":false},"author":1,"featured_media":148725,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2032,672,274,1554],"class_list":["post-1052581","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bawumia","tag-cedi","tag-nana","tag-stable"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1052581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1052581"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1052581\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1052581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1052581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1052581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}