The Minority in Parliament (MP) has said that the rate of depreciation of the Ghana cedi in relation to the U.S. dollar, has exposed Vice-President Dr Mahamudu Bawumia
The cedi has narrowly neared the GHS5 to $1 rate.
Deputy Minority Leader in Parliament, James Klutse Avedzi, said the fall of the cedi indicates that the fundamentals of the economy are weak.
Mr Avedzi said
The Minority MP was responding to Dr Bawumia assertion that the Akufo-Addo government under the New Patriotic Party (NPP), has performed far better in managing the depreciation of the cedi in relation to the U.S. dollar than the erstwhile Mahama-led National Democratic Congress (NDC) administration.
Making reference to data from the Bank of Ghana to buttress his point,
In his view, “The exchange rate between the cedi and the dollar has remained relatively stable when compared to the movements in other currencies against the dollar. The reason for this is because of the relatively stronger fundamentals that we have in our economy”.
Dr Bawumia said, for instance, that the Argentina Peso has depreciated by 50.2 per cent; Turkish Lira by 42 per cent; South African Rand by 19.2 per cent; Indian Rupees by 11 per cent; and the UK Pound Sterling by 4.2 per cent, against the U.S. dollar, hence Ghana has performed creditably by managing a seven per cent depreciation within the same period.
However, Mr Avedzi told Class91.3FM’s 505 news programme hosted by Valentina Ofori Afriyie that: “You don’t come back and tell us that you are doing better than the other party. You said you will arrest the falling value of the cedi, but he has not been able to do it; you have failed to do it, so, it is not for him to tell us that he is performing better than the previous government. That is not the case”.
The Ketu North Constituency MP rejected
For him, the depreciation “is well over 26% per cent, so, we will not take his computation”.