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Cedi's depreciation under NPP lower than all other years-Bawumia

Written by  Sep 14, 2018
Vice President Dr. Mahamudu Bawumia has taken a swipe at critics who have slammed the ruling New Patriotic Party (NPP) over the depreciation of the Ghana cedi against major currencies including the dollar. The Vice President who mounted a spirited defense over the performance of the NPP said the rate of depreciation is much slower than previously. Comparing the data from 2012 to 2018, Dr. Bawumia said the cedi recorded 17.5% in 2012, 14.6% in 2013, 31.3% in 2014, 15.6% in 2015, 9.6% in 2016 and 4.9% in 2017. The fundamentals under the NPP he posited are stronger as compared to what we witnessed under the NDC. He was speaking at the launch of the National School Entrepreneurship Initiative in the Northern Region today [Friday]. Dr. Bawumia said the slower rate of depreciation is because under the Akufo-Addo government, the 'fundamentals of the economy are getting stronger'. He further explained that the reason why the economy is stronger under the NPP is in the increasing economic growth rate, decreasing inflation rate, decreasing fiscal deficit, decreasing debt to GDP ratio and an improving gross international reserves. He attributed the cause of the depreciation to happening in the US economy. According to him, the US Federal Reserve has increased interest rates which has made the dollar attractive to investors. "You see investors moving money into the US to buy US-denominated assets" because the rewards will be much better, This move by the US government has far-reaching global implications on the strength of other currencies, he noted. Bawumia said Ghana's 7% depreciation shows, the managers of the economy have significantly strengthened the cedi against shocks from the dollar. The Akufo-Addo government, he said, has done "much better than our predecessors and much better than other countries".
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