Cedi depreciated at ‘Usain Bolt speed’ under NDC – Bawumia boasts
- The cedi depreciated at a pace that was as fast as world 100-metre record holder Usain Bolt under the NDC
- Bawumia said the worst performances of the cedi trading against the major currencies such as the dollar occurred under the management of the NDC
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Vice President Dr Mahamudu Bawumia has said that the cedi depreciated at a pace that was as fast as world 100-metre record holder Usain Bolt under the NDC government.
Bawumia said the worst performances of the cedi trading against major currencies such as the dollar occurred under the Mills-Mahama administration.
He made this known while speaking at the Government Town Hall Meeting in Kumasi on February 11, 2020.
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"...all the worst performances happened under the NDC which holds the record for first, second and third-worst performances in the fourth republic but they still want to challenge the best performer.
"But thus far under the NPP, the exchange rate has moved from 4.2/$ at the end of 2016 to 5.35/$ (Bank of Ghana). Indeed, for the NPP to match the almost four-fold Usain Bolt-like dash of the nominal level of the cedi exchange rate under the NDC, the cedi exchange rate will have to reach some GH15/US$!"
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In other news, Bawumia has credited his government and the New Patriotic Party (NPP) as the first government to have reduced electricity tariffs in the history of the Fourth Republic.
According to Bawumia, the 22% reduction in electricity tariff in 2018 was the most significant intervention.
“[In] 2018, we reduced electricity prices by 22% and by the way, this is the first government in the history of the fourth republic that has reduced electricity prices. And in 2019, we increased the prices by 11% but when you take the net between 2019 and 2018, in net terms, since we’ve been in office, we’ve reduced electricity tariffs by 10%,” he said.
READ ALSO: We are the first government in 4th republic to reduce electricity tariffs drastically - Bawumia
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Source: YEN.com.gh
