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Business News of Thursday, 26 July 2018

Source: presidency.gov.gh

Cedi recording slowest depreciation in first 18 months of any gov't since 1993 – Bawumia

The Vice-President of the Republic, Dr. Mahamudu Bawumia has stated that notwithstanding the recent volatility of the Ghana cedi, the data shows that it has seen the slowest depreciation against the US dollar for the first eighteen months of any government since 1993.

This, he argued, is due to relatively stronger macroeconomic fundamentals arising from the implementation of prudent economic policies by the Nana Addo Dankwa Akufo-Addo government.

Citing data from the Bank of Ghana, Vice President Bawumia said the cedi depreciated against the dollar on a year-on-year basis by 17.5% (2012), 14.5% (2013), 31.3% (2014), 15.7% (2015), 9.7% (2016) and 4.9% (2017).

Furthermore, the Vice President noted “that the data also shows that the depreciation for the first half (6 months) of the years from 2012 gives 17.2% (2012), 3.4% (2013), 26.7% (2014), 26.1% (2015), 3.3% (2016), 3.7% (2017), and 2.4% in 2018”.

“When our opponents criticize us about the recent depreciation of the cedi, it is like running a 100-meter race with someone who finishes 24 seconds behind you and proceeds to criticize you for not running fast enough”, he said.

Vice President Dr Mahamudu Bawumia made the case for the NPP’s better management of the economy when he gave the Keynote Address at the 2018 National Policy Summits at Kumasi on Monday 23rd July, 2018.

The Policy Summit, the third in the series organised by the Ministry of Information and focusing on the economy, is under the theme “Assessing the Growth, Jobs and Prosperity Agenda.”

It is being attended by stakeholders and major players in Ghana’s economy, and will assess and proffer suggestions on ways to ensure greater financial and social inclusion.