• Submit article
  • Advertise
  • My LiStingGh
    • Your News
Wednesday, July 6, 2022
27 °c
Labadi
28 ° Mon
28 ° Tue
28 ° Wed
28 ° Thu
  • Login
  • Register
The New Crusading Guide Online
  • Home
  • Politics
  • News
  • Africa
  • World
  • Business
  • Lifestyle
  • Tech
  • Entertainment
  • Your News
  • More News
No Result
View All Result
  • Home
  • Politics
  • News
  • Africa
  • World
  • Business
  • Lifestyle
  • Tech
  • Entertainment
  • Your News
  • More News
No Result
View All Result
The New Crusading Guide Online
No Result
View All Result
Home News

Bawumia Schools Mahama On Cedi Performance

News Desk by News Desk
June 20, 2018
in News, Politics
Reading Time: 3 mins read
1.5k 94
A A
0
Domestic Resource Mobilisation Key to Ghana Beyond Aid – Veep
1.2k
SHARES
1.8k
VIEWS
Share on FacebookShare on Twitter

… Says Ex. President Lacks Understanding On Key Aspects Of Economy

 

The Vice President, Dr. Mahamudu Bawumia, has described as second to none the performance of the Akufo-Addo-led government in the management of Ghana’s currency- Cedi-as against its major trading currencies, particularly the U.S dollar.

It followed a recent tweet by former President John Mahama in an attempt to ridicule the ruling government and Dr. Bawumia in what he (Mr. Mahama) described as a depreciating currency caused by weak economic fundamentals.

Related posts

ACHIMOTA SCHOOL BEATS RETREAT  … In Rasta Fight

Cocktail Of A Third World War And A Stoic Akufo-Addo

July 5, 2022
1.8k
Mahama’sPropaganda On Economy Pathetic

COLLECTIVE EFFORTS MUST ENSURE GHANA WINS – Dr John Kumah

July 5, 2022
1.8k

In a sharp response on his Facebook wall the economist and former Deputy Governor of the Bank of Ghana, indicated that such uninformed comments by Mr. Mahama only expose his lack of understanding on key aspects of the economy.

 

“It has been brought to my attention that former President Mahama has recently been talking about exchange rate depreciation. The former President’s comments once again, sadly demonstrate his lack of understanding on key aspects of our economy” – Dr. Bawumia noted.

The Vice President, in the post, took Mr. Mahama through some basic lessons on how to assess the performance of a government as far as the exchange rate market was concerned to help guide him in future assessments.

“I understand the difficulty of the former President in appreciating the currency depreciation debate. I would try to simplify the explanation for him” – Dr. Bawumia indicated.

Dr. Bawumia stated that “the data on the performance of the Cedi over the years shows that the Cedi is recording one of its best performances in the Fourth Republic under President Nana Addo Dankwa Akufo-Addo. The depreciation of the cedi against the US dollar is one of the lowest in the first year of any government since 1993”.

The vice president buttressed his assertion with hard core facts and data from the Bank of Ghana in the form of infographics. The data showed the lower depreciation (4.9%) of the Cedi against the dollar recorded under this government in 2017 was the lowest year-on-year depreciation recorded in the first year of any new president since 1992, beating the 35%, 5%, 15%, and 14.5% rates of depreciation recorded by Presidents Rawlings (1993), Kufuor (2001), Mills (2009), and Mahama (2013), respectively.

Touting the high records of the NPP over the NDC in terms of the management of the Cedi, Dr. Bawumia also revealed that “an equally instructive fact to note is that the NPP has demonstrated to be by far better managers of the Cedi than the NDC. In the entire 8 years of President Kufuor’s (NPP) rule from 2001 to 2008, the price of the Cedi relative to the dollar moved from GHc0.7 to GHc1.2, representing a depreciation of 72%. However, in the 8 years rule of both Presidents Mills and Mahama (NDC) from 2009 to 2016 the Cedi depreciated by 247%, moving from GHc1.2 to GHc4.2. Such higher rate of depreciation in less than a decade is simply unacceptable and signifies high levels of incompetence”.

 

The vice president however added that the future holds significant prospects for the Cedi under the leadership of President Akufo-Addo and that “Although it is early days, there is much optimism for a stronger currency under the leadership of Nana Addo Dankwa Akufo-Addo. Converse to the first 18 months of many governments in which the Cedi depreciated by more than 10%, the first 18 months of this government has recorded a marginal depreciation of 7%.”

 

In sharp contrast to what Mr. Mahama had sought to lampoon as Ghana’s economy characterized by weak fundamentals hence the declining value of the Cedi, Dr. Bawumia recounted that “the reason for our relatively strong exchange rate performance is that our economic fundamentals (which Mr. Mahama sought to question) under Nana Akufo -Addo are strong. Much stronger than the mess he left us. The deficit is lower, inflation is single digit, the debt to GDP ratio is declining, interest rates are declining, our foreign exchange reserves are healthy, business confidence is rising and economic growth is increasing”.

 

Dr. Bawumia therefore advised Mr. Mahama to take his time to read the facts well and appreciate them before commenting.

 

Related

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

My Wife Is Clean – Kennedy Agyapong

Next Post

Court Orders Arrest Of Kokrobite’s Nii Offei

News Desk

News Desk

Related Posts

ACHIMOTA SCHOOL BEATS RETREAT  … In Rasta Fight
News

Cocktail Of A Third World War And A Stoic Akufo-Addo

July 5, 2022
1.8k
Mahama’sPropaganda On Economy Pathetic
More News

COLLECTIVE EFFORTS MUST ENSURE GHANA WINS – Dr John Kumah

July 5, 2022
1.8k
Tema Motorway Roundabout Phase 2 Begins September
More News

Tema Motorway Roundabout Phase 2 Begins September

July 5, 2022
1.9k
Media Houses Should Syndicate To Become Commercially Viable
Business

GOVT’S DECISION TO SEEK IMF SUPPORT JUSTIFIED -Information Minister

July 5, 2022
1.8k
CSOs, Religious Leaders Must Kick Against LGBTQI   -Razak Kojo Opoku
More News

Blame Mahama for Wasting Ghana’s Economic Resources – Razak Kojo Opoku

July 5, 2022
1.8k
BOST Ranks 8th On Public Enterprises League Table
Business

BOST Ranks 8th On Public Enterprises League Table

July 5, 2022
1.8k
Next Post
Court Orders Arrest Of Kokrobite’s Nii Offei

Court Orders Arrest Of Kokrobite’s Nii Offei

US quits ‘biased’ UN human rights council

US quits 'biased' UN human rights council

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

ACHIMOTA SCHOOL BEATS RETREAT  … In Rasta Fight

Cocktail Of A Third World War And A Stoic Akufo-Addo

19 hours ago
1.8k
Mahama’sPropaganda On Economy Pathetic

COLLECTIVE EFFORTS MUST ENSURE GHANA WINS – Dr John Kumah

19 hours ago
1.8k
Tema Motorway Roundabout Phase 2 Begins September

Tema Motorway Roundabout Phase 2 Begins September

19 hours ago
1.9k
Media Houses Should Syndicate To Become Commercially Viable

GOVT’S DECISION TO SEEK IMF SUPPORT JUSTIFIED -Information Minister

19 hours ago
1.8k

BROWSE BY CATEGORIES

  • Africa
  • Apps & Software
  • Business
  • Corona
  • Crypto News
  • Culture
  • Entertainment
  • Food
  • Health
  • Lifestyle
  • Mobile
  • More News
  • myblog
  • National
  • News
  • Opinion
  • Politics
  • Reviews
  • Science
  • Social Media
  • Sports
  • Startup
  • Tech
  • Travel
  • uncategorized
  • US
  • World
  • Your News

BROWSE BY TOPICS

2018 League Africa airbus Anas apiate apiatse appiate Australia Balinese Culture Bali United bogoso Budget Travel Champions League China Chopper Bike coronavirus corruption Côte d’Ivoire Ebony EC Election Results entertainment Europe France Gaza Germany Ghana India Israel NDC News Nigeria North Korea NPP People Reviews Russia South Africa South Korea Spain Tech UK world Woyome Zimbabwe
ADVERTISEMENT
The New Crusading Guide Online

The New Crusading Guide is a privately own newspaper in Ghana with Mr ABdul Malik Kweku Baako as its Editor in Chief. We give you the latest news

Follow us on social media:

Recent News

  • Cocktail Of A Third World War And A Stoic Akufo-Addo
  • COLLECTIVE EFFORTS MUST ENSURE GHANA WINS – Dr John Kumah
  • Tema Motorway Roundabout Phase 2 Begins September
  • GOVT’S DECISION TO SEEK IMF SUPPORT JUSTIFIED -Information Minister
  • Blame Mahama for Wasting Ghana’s Economic Resources – Razak Kojo Opoku

Special Links

  • Submit article
  • Advertise
  • My LiStingGh
    • Your News

Quick Links

  • About
  • Advertise
  • Careers
  • Privacy & Policy
  • Contact
  • About
  • About
  • Advertise
  • Careers
  • Privacy & Policy
  • Contact
  • About

© 2022 The New Crusading Online - All rights Reserved. Powered by Uthink.

No Result
View All Result
  • Home
  • Politics
  • Science
  • News
  • World
  • Business
  • National
  • Sports
  • Entertainment
  • Lifestyle
  • Travel
  • Opinion
  • Tech

© 2022 The New Crusading Online - All rights Reserved. Powered by Uthink.

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

error: Content is protected !!
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
x Logo: Shield Security
This Site Is Protected By
Shield Security →