Dr. Kwabena Duffuor, a former Finance Minister, has slammed Vice President Dr. Mahammudu Bawumia, saying that he [Bawumia] should stop the depreciating cedi right now.
According to him, the government has failed miserably in managing the cedi’s exchange rate versus other foreign currencies.
“The government has now been exposed by the exchange rate.” There is a problem. The cedi is flowing in Bawumia. On Monday, he urged Serwah Amihere on GHOne TV that he should arrest the cedi.
He claimed Dr. Bawumia failed his own economic test, citing Vice President Biya’s famous comment from 2014: “If your fundamentals are weak, the exchange rate will reveal you.”
Per the analysis made by Dr. Bawumia, if the fundamentals which highlight the management of the currency and economy are strong, the cedi will not depreciate.
Commenting on this, Dr. Duffuor who’s also a one-time Governor of the Bank of Ghana said the cedi is tumbling and does not speak well of the so-called champions of the cedi management.
“There are challenges obviously, and look at the cedi now. whenBawumia is doing his best, but it is not good enough that is why the cedi is GH6.2,” he said.
