The Vice President Dr Mahamudu Bawumia says the govt has been equipped to prudently stabilize the Ghana cedi irrespective of the shocks from the Coronavirus pandemic.
The pandemic not long ago resulted in some offshore traders acquiring out of our bonds, while demand from customers for our common exports has noticed some drop. But irrespective of all these troubles the cedi has been rather stabilized.
Dr Bawumia states this can also be attributed to how the financial state has been managed.
Talking on the Super Morning Show on Joy FM, Monday, he claimed “I believe that fundamentally we have managed the cedi substantially superior by all account. We did arrest the runaway depreciation in the cedi and hence if you search at the file in conditions of the depreciation of the cedi in the previous 4, 5 decades or eight several years, we will see that due to the fact the NPP governing administration came to energy, the charge of the cedi depreciation is 50% significantly less than what it was right before. That is what the data shows, so it’s 50% significantly less.
“We have arrested the depreciation of the cedi, introduced down inflation, we have brought down the desire charge, we have enhanced expansion, lessened unemployment lowered the struggling of the men and women in conditions of paying for electricity and created numerous work,” he mentioned.
The Vice President mentioned that he is satisfied authorities has been capable to deal with the financial system far better even in the face of Covid-19.
“So in conditions of our management of the overall economy, we are incredibly joyful and quite willing to battle on the report of what we have achieved across the board…”