Ghana’s vice president, Dr. Mahamudu Bawumia, has claimed that the depreciation of the cedi was as a result of some of the exit conditions by the International Monetary Fund (IMF) programme.
Per a Citinewsroom report, the vice president has explained that Ghana’s determination to exit the IMF programme led to emergency actions by the Bank of Ghana (BoG)
He added that the BoG was compelled to implement reforms to ensure an increase in the country’s international reserves in a bid to end the IMF’s extended credit facility arrangement by April 2019.
In March 2019, there was widespread concern among the general public and the business community, about the depreciation of the cedi and its impact on their livelihoods.
At the time, critics lashed out at Bawumia, for his inability to save the cedi from a free fall especially when he said the New Patriotic Party (NPP) government will turn such a situation around.
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