Vice President Dr Mahamudu Bawumia has commended the Finance Ministry and the Bank of Ghana (BoG) for working earnestly to keep the cedi afloat despite the Covid-19 pandemic.

Dr Bawumia in his address to some private school teachers and members of the informal sector at Abossey Okai in the Ablekuma Central constituency, as part of his tour in the Greater Accra Region, disclosed that the currency has depreciated by just 2 per cent.

This, therefore, removes currency depreciation from the front burner of the political discourse even though the country is in an election year.

“So far this year, the cedi has only depreciated for just two per cent and this is why you are not hearing a lot about depreciation. And we thank the Bank of Ghana and Finance Ministry for that,” he said.

The Head of the Economic Management team noted that the monitory policies introduced by BoG and the Finance ministry has contributed immensely to what he described as a “very splendid result”.

Touting government’s decision to clean up the finance sector, Dr Bawumia said the initiative has completely changed the sector for the better, as the country consistently records a downward trend of interest rates, exchange rate depreciation and inflation.

He further revealed that the Akufo-Addo administration has so far paid customers of the collapsed financial institutions an amount to the tune of GH₵21 billion.

Addressing the concerns of the private school teachers, Dr Bawumia said government is currently looking at how to cushion the teachers whose lives have been adversely affected by the coronavirus pandemic.