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Mahama Sends Strong Message To Akufo-Addo Over Cedi Depreciation

Former President of Ghana and flagbearer of the National Democratic Congress (NDC), John Dramani Mahama has conveyed a strong message to Nana Akufo-Addo and his Vice President regarding the continuous depreciation of the cedi.

Mahama has raised concerns about the competence of the Nana Addo Dankwa Akufo-Addo-led administration in managing the exchange rate.

According to Mahama, the exchange rate reflects the incompetence of the current administration in the country.

His statement comes in response to a tweet from Nana Addo Dankwa Akufo-Addo in 2016, where he attributed the exchange rate of Ghc 3.72 to a Dollar to poor leadership.

Expressing his views on the current exchange rate and the struggling cedi, John Dramani Mahama took to Twitter to describe the government as clueless, incompetent, and engaged in corrupt practices.

Mahama said in a tweet “An obviously clueless, incompetent & ‘yenkyendi’ government. The $ is today trading above 15 GHC. I promise Ghanaians, I will RESET and repair the damage to the Ghanaian economy,” he said.

Bawumia arrests the dollar

In 2017, shortly after the NPP assumed power, Vice President Alhaji Dr Mahamudu Bawumia provided a comprehensive overview of the first 100 days of the New Patriotic Party (NPP) government. He proudly announced that they successfully halted the depreciation of the cedi and accomplished a remarkable 103 milestones.

In a lighthearted manner, during a 40-minute presentation at a town hall meeting organized by Joy FM to evaluate President Akufo-Addo’s first 100 days in office, the Vice President humorously stated that they managed to apprehend the downward spiral of the cedi and entrusted its safety to the Inspector General of Police (IGP).

“When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he’s locked it up, we want to make sure we pursue sound policies to keep the cedi stable, it has appreciated for this year.“

“Inflation has come down from 15.4 per cent when we came into office to 12.8 per cent now and we’ve restored confidence in the macro economy by anchoring fiscal policy on credibility, clarity and transparency,” the Vice President who is also head of the government’s economic management team said.

Dr Bawumia said Ghana’s debt has been re-profiled. “We’ve been able to re-profile our debt, get more foreign exchange without increasing our debt stock. That is indeed a remarkable achievement.”

“Many people didn’t quite understand the transaction, they thought that we had gone to borrow US$2billion to add to Ghana’s debt, no, we are actually replacing more expensive debt with less expensive debt, elongating it and making it better for this country.”

Source – Tru News Report

Gabs

Gabby Nash, popularly known as Gabs, is an incredibly talented writer and blogger. With an extensive career spanning over 15 years in journalism, Gabs has established a reputation for excellence that is truly remarkable. Throughout the years, he has contributed numerous thought-provoking articles and blog posts to various prominent Ghanaian websites and blogs. In the late 90s, he began his writing journey with Graphic Showbiz, Junior Graphic, and The Mirror, which is a subsidiary of Graphic Communication Group Limited. His articles have consistently showcased a deep level of insight and wisdom.

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