Former Governor of the Bank of Ghana, Dr Kwabena Duffuor, says Ghana’s weak exchange rate has exposed the incompetence of Vice President, Dr Mahamudu Bawumia and the country’s economic management team.
According to Dr Duffuor, the cedi keeps falling at a fast rate against the dollar and claims by the Vice President that he had the competence to stabilise the cedi prior to the 2016 elections have been proven to be mere rhetoric.
“There are challenges obviously, look at the cedi for example, when I was in office [2012] you needed 1 cedi 88 pesewas to get a dollar but now you need 6 cedis 20 pesewas to get a dollar. Years ago, Dr Bawumia said when the fundamentals are weak the exchange rate will expose you, the exchange has exposed the government now, meaning the fundamentals are weak by Bawumia’s own explanation,” Dr Duffuor said on GHONE TV Monday, December 6.
The founder of HODA Holdings added “the cedi is running and he promised that he will arrest the cedi, where is he, Dr Bawumia the cedi is running arrest it. He also made a point that he had worked at the central bank and that there was soo much money and we didn’t have to go and borrow, what has happened during his term.”
Dr Duffuor also rejected accusations by some members of the NDC that he is working to distract former President John Mahama from winning the 2024 elections.
According to him, his long years of support and service to the NDC and the country is on record and undisputed.
“Those claims are just wicked and I pray that those people will put their thinking caps on. It is very unfair. Who will serve a country for four years and will not accept anything, no salary, no allowances, no exgratia, why would I be a mole when money is not my problem,” He told host Serwaa Amihere.
Source: Starrfmonline
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Kindly answer why the BOLDLY writings of "Finance by Unibank" on the tank farm at Asogli power plant was quickly ERASED just after the 2016 elections. The property is left to rot after sinking billions of cedis into the project.
Respectfully, Dr. Duffour and his team inherited a good economy from the NPP (with President Kufour as President). Funny enough they messed the economy up and sent Ghana to IMF. Today he has got the nerves to say all this.
With all due respect, Dr. Duffuor, you had the benefit of good economic management with solid favorable indicators when you took over from the NPP administration. What was the exchange rate when the NPP-Akufo-Addo administration took over from the NDC-Mahama administration? The political battle is between the NPP and NDC administrations and their respective performances on the whole. I guess you are not deliberately making that long jump to avoid your own NDC fraternity slamming on your neck? In that regard, I wholeheartedly welcome you to the NDC politics of insults and malice. That notwithstanding, I do encourage you and support your efforts to promote the politics of good ideas and innovations that seem to be alien to the NDC style of politics as we are hitherto used to.
You left office as Finance Minister in January 2013. The Cedi was about Ghs1.21 to the Usd1.00 in January 2019 when you took over. What percentage of depreciation was that for the 4-year period? From 2013 to January 2017, (still under the NDC) the exchange rate moved from the 1.88 you ended in January 2013 to Ghs4.215. Please what percentage of depreciation was that within the 4-year period? From January 2017 the rate has moved from Ghs4.215 to Ghs5.915. Please what rate of depreciation is that within a period of nearly five years? You can deceive those who are ***barred word*** of the poor exchange rate performance under your the NDC and the superior performance under the current government. Dr. Bawumia has definitely been phenomenal and the facts support this. Left under the care of the NDC, the Ghana cedi would, by now, be around Ghs9.00 to the Usd1.00. We shall not be deceived.
ungrateful people
We are in different times now, because the time you said it was 1.88p per dollar and now things have not been the same so definitely there will be some changes
Please it is better you keep quite because records-wise, you cannot compare with Bawumia! When you had relatively stable external environment during your time, what was your performance?