Home Business We have arrested depreciation of the cedi – Bawumia – MyJoyOnline.com

We have arrested depreciation of the cedi – Bawumia – MyJoyOnline.com


The Vice President Dr Mahamudu Bawumia says the authorities has been able to prudently stabilize the Ghana cedi despite the shocks from the Coronavirus pandemic.

The pandemic not too long ago resulted in some offshore traders finding out of the country’s bonds, although need for regular exports has noticed some decrease. But irrespective of all these issues the cedi has been pretty stabilized.

Dr Bawumia states this can also be attributed to how the economic climate has been managed.

Talking on the Tremendous Early morning Show on Pleasure FM, Monday, he mentioned “I feel that fundamentally we have managed the cedi significantly much better by all account.

“We did arrest the runaway depreciation in the cedi and, hence, if you appear at the document in conditions of the depreciation of the cedi in the very last four, five decades or 8 years, we will see that given that the NPP government arrived to power, the fee of the cedi depreciation is 50% a lot less than what it was ahead of. That is what the data reveals, so it is 50% considerably less.

“We have arrested the depreciation of the cedi, brought down inflation, we have introduced down the desire rate, we have improved growth, lessened unemployment diminished the suffering of the persons in conditions of paying for electrical energy and produced lots of work opportunities,” he mentioned.

The Vice President mentioned that he is delighted authorities has been in a position to control the economic climate greater even in the confront of Covid-19.

“So in terms of our administration of the economic climate, we are quite content and incredibly ready to combat on the document of what we have obtained throughout the board…”

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