FLASHBACK: We’ve arrested the Cedi, brought down inflation – Bawumia

Vice President, Dr Mahamudu Bawumia on May 26, 2020 noted that the Akufo-Addo-led government has stabilized the local currency - Cedi.

According to him, this has helped salvage the rising inflation in the country.

In an interview with Accra-based JoyFM, Dr Bawumia said, “I think that fundamentally we have managed the cedi much better by all account...We did arrest the runaway depreciation in the cedi and therefore if you look at the record in terms of the depreciation of the cedi in the last four, five years or eight years, we will see that since the NPP government came to power, the rate of the cedi depreciation is 50% less than what it was before. That is what the data shows, so it’s 50% less."

“We have arrested the depreciation of the cedi, brought down inflation, we have brought down the interest rate, we have increased growth, reduced unemployment reduced the suffering of the people in terms of paying for electricity and created many jobs,” he added.

Read the full story originally published on May 26, 2020 by laudbusiness.

Vice President, Dr. Mahamudu Bawumia, has said the Akufo-Addo administration has managed to stabilize the local currency, the cedi, against the major trading currencies especially the dollar.

He said the government introduced strong economic policies that ensured that the cedi was stabilized.

Speaking on the Super Morning Show on Joy FM, Monday, he said “I think that fundamentally we have managed the cedi much better by all account."

“We did arrest the runaway depreciation in the cedi and therefore if you look at the record in terms of the depreciation of the cedi in the last four, five years or eight years, we will see that since the NPP government came to power, the rate of the cedi depreciation is 50% less than what it was before. That is what the data shows, so it’s 50% less."

“We have arrested the depreciation of the cedi, brought down inflation, we have brought down the interest rate, we have increased growth, reduced unemployment reduced the suffering of the people in terms of paying for electricity and created many jobs,” he stated.

He further stated that the government is satisfied with the way the economy has been managed in the face of COVID-19.

“So in terms of our management of the economy, we are very happy and very willing to fight on the record of what we have achieved across the board…”