Influential journalist with Media Generale, Kwakye Afreh-Nuamah has said the exchange rate has exposed Vice President Dr Mahamudu Bawumia.
Dr Bawumia who is head of the Economic Management Team has come under fire over the depreciation of the cedi against the dollar even as soundbites and news items of his voice and video on the campaign trail make the round on social media.
He said the reasons for the cedi’s dwindling performance against the country’s major trading were because of extraordinary pressures on global capital markets.
“According to the Bank of Ghana data, the cedi exchange rate increased from GHc1.1 to the dollar at the end of 2008 to GHc4.2 to the dollar (close to a quadruple increase) in 2016. Since we assumed office the exchange rate has increased from GHc4.2 to the dollar to GHc4.4 as at December 2017 and GHc4.75 now.” he explained.
“It is therefore clear that we have managed the exchange rate much better than our predecessors and also much better than many other countries this year,” Dr. Bawumia stated.
He was speaking at the Student Entrepreneurship Initiative at the Ghana Senior High School (GHANASCO) in Tamale on Friday 14th September 2018 where he made a handsome donation to give the school a facelift.
But commenting on development around the cedi’s depreciation, Kwakye Afreh-Nuamah, without mentioning the Vice President’s name directly, that:
“The exchange rate has exposed him. The fundamentals are weak. He must promise not to do propaganda with the economy again. He must promise. We will forgive him. Naturally, Ghanaians forgive easily, don’t we?
#NEWS ON POINT#