We have stabilized the depreciation of the cedi amid Covid-19, says Bawumia

The Vice President Dr Mahamudu Bawumia says the government has been able to prudently stabilize the Ghana cedi despite the shocks from the Coronavirus pandemic.

The pandemic recently resulted in some offshore investors getting out of the country’s bonds, while demand for traditional exports has seen some decline. But despite all these challenges the cedi has been fairly stabilized.

Dr Bawumia says this can also be attributed to how the economy has been managed.

He said further, “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.

The Vice President stated that he is happy government has been able to manage the economy better even 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.”