Politics

Akufo-Addo has stabilised Usain Bolt cedi depreciation under Mahama

Akufo-Addo has stabilised Usain Bolt cedi depreciation under Mahama

Vice President Dr Mahamudu Bawumia has once again highlighted the performance of the cedi under the Akufo-Addo government. 

He said the local currency has not only performed better but its drop against major international currencies has been stabilised.

Speaking at the maiden Townhall Meeting in Kumasi, he said under the Akufo-Addo government the performance of the cedi has been much than the Mahama regime. 

“How has the cedi performed under the government of Nana Akufo-Addo in the last three years? The answer is very simple. Between 1993 and 1996, which is the first term of the Fourth Republic, the average rate of depreciation of the cedi was 27.95 percent.  

“From 1997 to 2000, it was 25.19 percent. From 2001 to 2004, we drastically reduced to 11. 4 percent under President Kufuor. In 2005 to 2008, the second term to 6.75 percent. 

According to him, "Between 2009 and 2012, it was 10.95 percent. Under the NDC government between 2013 to 2016 it was 18 percent.  Under Nana Akufo-Addo,  it is 8.7 percent for the first three years.”

He said it is evident from their performance that the cedi exchange rate from 2017 to 2019 is twice as stable as it was under the NDC  from 2013 to 2016.

"It has depreciated by 50 percent. It is twice as stable under the NPP. Under the NDC, our currency was depreciating at the speed of Usain Bolt. Under the NPP, we have arrested the rapid depreciation of the cedi and we will make no apologies for that.

"But why does the NDC in the face of such incontrovertible evidence insist that they can do a better job of managing the cedi? In the history of the fourth republic, Nana Akufo-Addo has the best performance of any first-term government since 1992.”