Dr. Gideon Boako, the Vice President’s spokesperson, has backed Dr. Mahamudu Bawumia’s claim that the Akufo-Addo administration has stopped the cedi’s decline against international currencies.
In an interview, Dr. Boako stated that the assertion was true during the first term of the Akufo-Addo administration, when the cedi was managed better than during the Mahama administration.
“The Vice President Spoke in the context in which he spoke at the time was not incorrect,” he insisted.
“Essentially, he [Bawumia] was discussing the rate of depreciation… “Definitely, if any economist is making a comment, the economist is correct in saying that the rate at which the currency depreciates has slowed,” Dr. Boako stated.
“So if he [Bawumia] states we stopped depreciation at the time, the evidence and statistics at the time supported him… As a result, that was a true remark to make. But whether you’ll be able to hold on to it is a different story,” he continued.
The remark “passed the truth test,” according to Dr. Boako.
“The fact that he made a factual statement is factual. That is information. “If you’re talking to data, you’re talking to data,” he explained.
The currency has been losing ground to the dollar at alarming rates over the last year.
According to Bank of Ghana data, the cedi fell by 14.6 percent against the US dollar in the first quarter of 2022, while Bloomberg dubbed the Ghana cedi the world’s worst-performing currency.
