Cedi depreciation has been lower under NPP govt – Bawumia

It is a valid comparison of the management of the exchange rate under our government versus under the NDC government.

So, whether you look at the average or the cumulative, the depreciation of the cedi has been lower under our government, notwithstanding the severe global shocks we have endured.

Bawumia also defended a statement he made during the NPP’s campaign in 2016, validating his comment of an exchange rate exposing a government, when its fundamentals are weak.

He attributed the current exchange rate of the country, to global crises of the Russia-Ukraine war and the 2019 COVID pandemic, among others.

We saw that between 2017 and 2021 when the fundamentals in terms of the fiscal deficit, inflation, GDP growth, external balances, and international reserves were fairly strong, the exchange rate was relatively stable.

“Inflation reached some 53% at the end of 2022 and you saw the exchange rate depreciate by some 30% in 2022

The fundamentals have strengthened recently, with the declining fiscal deficit, declining inflation, improved external reserves, and so on, and this has resulted in relative stability of the exchange rate