Ghanatodayonline.com News, Politics, Health, Education & More
In order to concentrate on preserving the weakening cedi, NPP flagbearer Vice President Dr. Mahamudu Bawumia has been encouraged by Minority Leader Dr. Cassiel Ato Forson to think about giving up off-beat dancing while on the campaign trail.
Since the start of the year, the cedi has depreciated by about 20%. It was trading at GH₵ 11.98 versus the dollar, but it is currently trading at the forex bureaus around GHC 14.80.
On Wednesday, May 15, Dr. Ato Forson bemoaned the negative effects of the Cedi’s devaluation on companies in Okaishie, Abossey Okai, Kejetia, and other commercial districts during a press conference in Parliament.
The International Monetary Fund (IMF) and the World Bank have been providing funding as part of an ongoing bailout program, although the Caucus expressed worries about the lack of improvement in economic conditions.
“In spite of the huge inflows of foreign exchange from the IMF and the World Bank, into the Ghanaian economy, and I’m talking of billions of Ghana cedis, billions of US dollars, the government’s action and its management of the cedi have continued to fuel steep depreciation with no end in sight unfortunately” he stated.
“So far, the decisions of the Economic Management Team, chaired by our Vice President Alhaji Bawumia leaves a lot to be desired. The reality of the Ghanaian economy today exposes the credentials of the so-called economic wizkid who was marketed as the savior of Ghana’s economy. Alhaji Bawumia’s credibility is now tatters” he added.
“I want to use this opportunity to urge the Vice President to quit his off-beat dancing on the campaign trail and focus on the dancing cedi. There’s a lot awaiting our country as a result of reckless mismanagement by Alhaji Bawumia’s government,” the Minority Leader said.
Source: Ghanatodayonline.com
