Vice-President Dr Mahamudu Bawumia has said that the Akufo-Addo government under the New Patriotic Party (NPP), has performed far better in managing the depreciation of the Ghana cedi in relation to the U.S. dollar than the erstwhile Mahama-led National Democratic Congress (NDC) administration
Critics have blamed government policies for the weakening of the cedi against the U.S. dollar.
The cedi has narrowly neared the GHS5 to $1 rate.
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.