The Vice President, Dr Mahamudu Bawumia has fired a salvo at critics who claim the weak cedi has exposed the weak economic fundamentals of government.
According to him, the opposition National Democratic Congress (NDC) has no moral right to criticise the government over the weak cedi when it did worse when in power.
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“It is wasp logic to equate declining cedi to weak economic fundamentals, it defies logic,” he told stakeholders at the maiden Town Hall Meeting in Accra Wednesday.
The cedi has been battered by major trading currencies, especially the United States dollar in the last two years. It dropped so low it was trading at GH₵5.80 to a dollar.
It started gaining strength this week after a government intervention, but it is still unstable causing fear and panic to the business community in the country.
The cedi depreciation has also become a political football with the NDC paying the ruling New Patriotic Party (NPP) back in their own coin.
But, Dr Bawumia in a riposte said the NDC’s explanation that the weak economic fundamental is what is affecting the exchange rate “defies logic.”
He said in spite of internal and external economic challenges, the government has been able to reduce the rate of depreciation from a point of 31 percent to six percent.
The Vice President, who is head of the Economic Management Team, noted that, unlike the NDC administration at the time, the NPP’s economic fundamentals remain strong, giving the rate of the cedi’s depreciation vis-a-vis the rate of inflation.
“The data will speak for itself if you disagree you should bring your own data and your record…don’t disagree by saying the Economic Management Team members have big heads. You only result to insults when you are allergic to facts. Our worst is better than your best,” Dr Bawumia mocked.
Source: Ghana|Adomonline.com|Adwoa Gyasiwaa Agyeman