Audio Attachment:Listen to Dr. Bawumia |
Dr Mahamudu Bawumia, Vice President and Chairman of the Economic Management Team has dismissed claims that the cedi has performed worst under the Akufo-Addo led government.
Addressing the maiden Town Hall Meeting on Wednesday, he said the cedi has performed better than it did in the erstwhile Mahama administration.
“The data on the annual rate of depreciation of the cedi in recent years show that the worst performance of the cedi so far under the NPP government, the 8.4 per cent depreciation that we saw since 2018, that worst performance is better than the best performance under the previous government between 2012 and 2016. So our worst is better than your best. Then they say boot for boot; it is more like boot-for-chale wote," Dr Bawumia stated.
Addressing a maiden townhall meeting on Wednesday, he said: "our worst is better than your best..."
The opposition National Democratic Congress has been on the Vice President's case for not being able to stabilize the cedi. According to the opposition, as someone touted as an economic guru, Dr Bawumia should not have had any difficulty making sure the cedi gain appreciately against major trading foreign currencies. They referred to a popular phrase Dr Bawumia coined while in opposition: "If the fundamentals are weak, the exchange rate will expose you".
In what can best pass for a direct shade at the NDC, Dr Bawumia pointed out the fact that the cedi was depreciating does not mean the fundamentals are weak; it could be due to other factors.
“But it is warped logic to jump from that to a conclusion that if there is depreciation in your currency, then the fundamentals must be weak. Do you understand the logic? If the fundamentals are weak, the exchange rate will expose you, but if the exchange rate moves, you cannot jump to that conclusion that the fundamentals are weak. That defies logic”, Dr Bawumia said, adding: “There could be external factors causing the exchange rate depreciation”.
"If I tell you that if your leg is broken, you are going to be unable to walk, then I’m somewhere and somebody comes to tell me: ‘This person is unable to walk, can I just conclude that the leg must be broken? There can be other reasons why you are unable to walk. But the NDC logic will insist in the face of contrary evidence that since you cannot walk, it must mean that your leg has broken...The exchange rate in 2014 had exposed the weak fundamentals…we were in a much weaker position in 2014 compared to 2018," he added.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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These NDC people have not and cannot tell Ghanaians what they will for Ghana with less than 2 years to the next election. They are busily insulting Bawumia and praying that there should be dumsor so they can come back to power just to steeeeeeall. Create looooot and share party. We are expecting the blockheeead Adongo to come and spew lieees tomorrow. Press conference party.
Dr.Bawumia is an advert for education. This is pure intelligence on display. The likes of Adongo, Ato Forson and Fiifi Kwetey are no match. Ndc must come again. Bawumia will beat them every time. He is too intelligent. Nana/Bawumia no size.
Chief Destroyer of the National Democratic Criminals has spoken. Ndc is forked. He he he
@Francis. Truth is bitter.
OPEN LETTER TO KENEDY AGYEAPONG,COMING NEWS. SIR, EXERCISE PATIENT WITH GHANA , N,P,P PARTY AND EVERY ONE IN GHANA , EVEN ANGELS IN HEAVEN KNOW WHAT U HAVE DONE FOR GHANA AND GHANAIANS AND N,P,P PARTY, , THERE ARE 2 PEOPLE IN GHANA WHO WILL GO TO HEAVEN FIRST AND THEIR KENEDY AGEAPONG AND KOFI WAYO MARK THIS, , . NOW, NANA ADDO LOVES GHANA , HE IS THE ONLY PRESIDENT IN AFRICA WHO HAS NOT TAKEN HIS PEOPLE ONE CEDI OR DOLLAR FOR 3 YEARS NOW, NANA ADDO IS GOD GIFT TO GHANA AND IF WE MISS THAT MAN, MARK MY WORD GHANA WILL BE COME LIKE Afghanistan, ALL GHANAIANS MUST LISTEN TO NANA ADDO AND HELP HIM TO BRING GHANA BACK ON TRACK, GHANA IS ON TRACK , ALL NANA HAS TO DO NOW IS TO CREATE JOBS ALL OVER GHANA FOR THE YOPUTH AND LET MONIES FLOW SO THAT GHANAIANS WILL ENJOY, AS FOR MAHAMA AND AILING , ***barred word***, DISGRACED N,D,C PARTY, THEY KNOW THEIR HAVE FAILED THE COUNTRY ,THEY ARE ONLY MARKING NOISE, THEY FEAR FOR THEIR CRIMES AGAINST GHANA. GHANIANS AND GOD, FOR THEIR PAYING FOR THEIR CRIMES, ALL GHANA PEOPLE MUST VOTE IN THEIR MILLIONS FOR NANA COME 2020 AND GHANA WILL BE COME LIKE HEAVEN THIS 2019.. all GHANAINS have to do is to assist nana ADDO TO DELIVER ,, NANA HAS DONE 80 PERCENT OF THE WORK AND HE IS LEFT WITH 20 PERCENT AND THAT IS HE SHOULD CREATE JOBS FOR THE BOYS AND GIRLS AND MAKE MONIES FLOW AND N,P,P WILL RULE GHANA FOR ONE MILLION YEARS, KENNEDDY , BE PATIENT WITH THE PARTY AND SUPPORT NANA, GOD BLESS U, FROM GH PP , NOTE SEND THIS NOTE TO KENEDY AYEAPONG, , KOFI WAYO AND NANA ADDO AND ALL GHANAIANS AFTER READING,
Boot for chalewate is your response for why the cedi is falling? Amazing economist. Congratulations!
Point those intellectual arguments to us.
As expected, the NDC guys so far commenting could not understand. Why is this becoming the norm; I don't think the NDC should be made of peopole who cannot follow intellectual argumentation, but would only like to insult. It is not good for our country. Anyone who took their logic seriously in SHS, should follow what Bawumia said.
To all NDC guys who have commented so far, we know you suffer from chronic reading and mental disabilities so all your comments carries are viewed as such. No amount of insult will deter the man from making good his achievements. Even in Tekpe and Amissah you had hope. Funny bunch of cotton wool minded flock.
The most absurd economic analysis I have ever heard in my life is this broken leg economic analysis. I am so disappointed in barwumia. He has lost my respect. There is something emotionally disturbing him.