How to resolve AdBlock issue? Bawumia Defends NPP's Exchange Rate Management Amid Global Challenges
Friday, 29 November 2024 | Ghana
Vice President and New Patriotic Party (NPP) flagbearer, Dr. Mahamudu Bawumia, has lauded the Akufo-Addo government’s handling of Ghana’s exchange rate, asserting that it surpasses the record of the National Democratic Congress (NDC), even amidst global economic crises.
Speaking on the economy, Dr. Bawumia emphasized that the NPP has demonstrated resilience in managing the depreciation of the Ghanaian cedi despite external shocks like the COVID-19 pandemic, the Russia-Ukraine conflict, and a global economic downturn. In contrast, he claimed that the NDC oversaw a higher rate of cedi depreciation during their tenure without facing significant global disruptions.
Dr. Bawumia compared exchange rate performance under both administrations, stating that the cedi depreciated by 72% during the NDC's eight-year tenure and by 74% during the NPP's term. However, he argued that the NPP's performance is commendable given the extraordinary challenges the global economy has faced during their time in office.
The Vice President stressed that assessing exchange rate management requires focusing on the rate of depreciation rather than nominal figures. According to him, this approach highlights the NPP’s more effective economic management strategy under difficult circumstances.
“I want to talk about the exchange rate, and I want them (NDC) to listen because they don’t understand,” Dr. Bawumia remarked. “During their period, the cedi depreciated by 74% without a global crisis—no Russia-Ukraine war, no COVID-19 outbreak, no global economic recession. Under the NPP, with all these crises, the cedi has depreciated by only 72%, which is lower than their depreciation.”
Dr. Bawumia further argued that the NDC lacks a comprehensive understanding of exchange rate dynamics, including how depreciation is measured and managed. He urged Ghanaians to consider the broader context of global economic challenges when evaluating the government’s performance.
Reaffirming the NPP’s commitment to economic stability, Dr. Bawumia maintained that the party’s policies reflect a stronger foundation for currency stability and overall economic management compared to the NDC’s record during relatively stable global conditions.
The Vice President’s comments come as political parties in Ghana ramp up their campaigns ahead of the December 7, 2024, general election, with economic management remaining a critical issue for voters.
Speaking on the economy, Dr. Bawumia emphasized that the NPP has demonstrated resilience in managing the depreciation of the Ghanaian cedi despite external shocks like the COVID-19 pandemic, the Russia-Ukraine conflict, and a global economic downturn. In contrast, he claimed that the NDC oversaw a higher rate of cedi depreciation during their tenure without facing significant global disruptions.
Dr. Bawumia compared exchange rate performance under both administrations, stating that the cedi depreciated by 72% during the NDC's eight-year tenure and by 74% during the NPP's term. However, he argued that the NPP's performance is commendable given the extraordinary challenges the global economy has faced during their time in office.
The Vice President stressed that assessing exchange rate management requires focusing on the rate of depreciation rather than nominal figures. According to him, this approach highlights the NPP’s more effective economic management strategy under difficult circumstances.
“I want to talk about the exchange rate, and I want them (NDC) to listen because they don’t understand,” Dr. Bawumia remarked. “During their period, the cedi depreciated by 74% without a global crisis—no Russia-Ukraine war, no COVID-19 outbreak, no global economic recession. Under the NPP, with all these crises, the cedi has depreciated by only 72%, which is lower than their depreciation.”
Dr. Bawumia further argued that the NDC lacks a comprehensive understanding of exchange rate dynamics, including how depreciation is measured and managed. He urged Ghanaians to consider the broader context of global economic challenges when evaluating the government’s performance.
Reaffirming the NPP’s commitment to economic stability, Dr. Bawumia maintained that the party’s policies reflect a stronger foundation for currency stability and overall economic management compared to the NDC’s record during relatively stable global conditions.
The Vice President’s comments come as political parties in Ghana ramp up their campaigns ahead of the December 7, 2024, general election, with economic management remaining a critical issue for voters.