Admit cedi situation is bad – Alabi flays Bawumia

ghana waves news


Presidential aspirant of the National Democratic Congress (NDC) has advised the vice president, Dr Mahamudu Bawumia to come clean on the true state of the Ghana cedi.

The cedi has been depreciating sharply against the major trading currencies in the past month.

READ: Video: Politician allegedly caught bathing in a market

Cedi depreciate

As of Friday September 14, 2018 the cedi was selling between ¢4.85 – ¢4.94 to the United States dollar.

READ: Seven robbers terrorizing traders at Affram Plains busted

Explaining the cause of the depreciation, the Vice President who had once jibed that “if the fundamentals of the economy are weak, the exchange rate will expose you,” maintained that cedi was at its best and that fall was not a sign of a weak economy.

He pointed out that the slower rate of depreciation is because, under the Akufo-Addo government, the ‘fundamentals of the economy are getting stronger’.

Additional evidence of a strong economy he indicated is in the increasing economic growth rate, decreasing inflation rate, decreasing fiscal deficit, decreasing debt to GDP ratio and an improving gross international reserves.

Bawumia who once said the government has arrested the cedi explained, the cause of the depreciation is down to happening in the US economy.

READ: Ronaldo scores first Juventus goals as champions maintain perfect start

Joshua Alabi

But Prof Joshua Alabi said the vice president will do Ghanaians a lot of good if the tell the truth.

“He should be very humble, he shouldn’t do anything with arrogance. It is bad, let’s admit it is bad and collectively as a people, even from opposition we will help to restore it.

“If the cedi is 5 cedis, I also suffer so why should be happy that it is depreciating,” he queried.

The post Admit cedi situation is bad – Alabi flays Bawumia appeared first on Ghana Waves.