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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"Our worst is better than your best" really? Is this all you have for Ghanaians? So you think we voted our ndc expecting your worst because it is probably better than the best of ndc. Barwumia doesn't sound wise. He doesn't look like someone who can lead Ghana. Nana addo is better leader and wiser. Though nana addo sometimes says things that are lies, he is more matured than this one. Barwumia lies too much and most of the time to he focuses on trivial issues instead of comprehensively addressing issues. Anytime he is asked to address issues which are serious he comes to sing political songs. If nana addo doesn't run again, Alan may be the best bet, barwumia has lost all his credibility. Economy is doing poor, explain why, you come and say YOUR WORST IS BETTER THAN THAT OF NDC, even a class one pupil will not say that let alone a vice president of Ghana.
Ah, but barwumia, is he suffering from mental psychosis? What has fixing your bad economy got to do with boot for boot. This guy is taking we the floating voters for granted. Instead of coming to explain thing to us, you are coming to do the usual ediotic politics. The president and his vice don't really care. Last week the president was drinking whiskey and having the audacity to tell Ghanaians he was on top of the world when the cedi was running like Usain bolt and dumsor has resurfaced. I think these guys need to be advised. They think Ghanaians are playing with them.
Someone better send this chap to the psychiatry before he wrecks our economy!! you see his thinking?? Adongo will roast him tomorrow over very slow fire!!!!
You are blockheaded like walewale Adams Smith bawumia. Nothing dey your head inside.
WELL SAID MR. VP, THEIR BOOT-FOR-BOOT IS LIKE BOOT FOR CHALE WOTE. GIVE IT TO THEM ANYTIME THEY MAKE NOISE.
Hahahahha. Bawumia is making a mockery of himself. By the same logic, other factors were available in the depreciation that we experienced under the previous (NDC/NPP) regimes. So your conclusion on the cedi depreciation is a warped logic Walewale Adam Smith