Dr Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), has insisted that r that the depreciation of the Cedi under the Akufo-Addo government is lower than what was inherited.

He pointed out that between 2013 and 2016, the Cedi depreciated by an average of 17.7%. Dr Bawumia credited this achievement to the stellar efforts of the government and its agencies for the betterment of Ghanaians.

Outlining his vision for the country on Wednesday, February 7, Dr Bawumia said this is despite facing domestic and global economic challenges, he highlighted the ongoing commitment to improving the economic situation.

“Between 2017 and 2020 there was a significant decline in the Cedi depreciation to an average of 7.5%. The average Cedi depreciation further declined to 6.8% between 2017 and 2021.”

“However, following the 30% depreciation of the Cedi in 2022, the average Cedi depreciation between 2017 and 2022 is 10.75%,” he said.

Again, Dr Bawumia added key economic indicators point to a better economic performance by the government than that of the period 2013-2016 led by former President John Mahama.

He said this achievement is despite the domestic and global crisis experienced between 2020 and 2022.

The success story, he said, is borne out by indicators such as GDP growth, agricultural growth, industry growth, trade balance, lending rates, gross international reserves, and jobs.

“Inflation has declined from 54% in January to 23% in December 2023. Economic growth is rebounding, spending is under control with the fiscal deficit as a percentage of GDP has declined from 10.8% in 2020 to 4.2% in 2023.

"The debt to GDP ratio, after increasing from 61.2% in 2019 to 76.6% in 2021 has declined to 66.4% in 2023.

"And exchange rate depreciation has also slowed down sharply since February 2023, whereas the exchange rate depreciated by 30% in 2022, between February and December 2023, it only depreciated by 9%.”