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General News of Sunday, 22 December 2019


Dr. Bawumia exposes NDC over exchange rate depreciation record

Vice President, Dr. Mahamudu Bawumia Vice President, Dr. Mahamudu Bawumia

The Vice President, Dr. Mahamudu Bawumia has exposed the NDC' as the government with the worst record in the annual depreciation rate of the Cedi since the return of multi-party democracy in 1992.

The opposition NDC has been accusing the government of Nana Akufo-Addo of supervising the worst depreciation rate of the Cedi, but available data, which Dr. Bawumia presented at the NPP Delegates Conference, rather proved the current government of President Akufo-Addo has the second best record (8.7%) in the management of the rate of depreciation of the Cedi since 1992.

Ironically, the data proved that between 2013-2016, the NDC government of John Dramani Mahama registered an unenviable record of 18% of annual rate of depreciation of the Cedi - one of the worst since 1992.

Having laid bare the facts which exposed the NDC', the Vice President then accused the NDC of not reading the data, and described their claims as a joke.

"Our opponents are saying that we have not managed the exchange rate. But well, they are not just reading the data," Dr. Bawumia said.

"If you look at the data, you will know that the government of Nana Addo Dankwa Akufo-Addo, when you look at the annual rate of depreciation of the Cedi since 1992, is the second best performing. The first is the government of President J.A. Kufuor during 2005 and 2008."

"When NDC was in power between 2013 and 2016 (Under John Dramani Mahama), the average annual rate of depreciation of our currency was 18%."
"We have 8.7% and you had 18% and you are telling us we cannot manage it well. You must be joking, you must be joking."

Dr. Bawumia noted that all verifiable economic indicators clearly prove that the NPP have been better managers of the economy than the "incompetent" past government of John Dramani Mahama.

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