Audio By Carbonatix
The Vice Presidential candidate of the New Patriotic Party has debunked assertions that the country’s currency is depreciating largely because it is an election year.
Dr Mahamadu Bawumia who appeared exclusively on Asempa FM’s Ekosii sen Programme, Wednesday said elections have nothing to do with the exchange rate, insisting when an economy is mismanaged in an election year it will show in the exchange rate.
The ruling National Democratic Congress has attributed the fall in the country’s currency to what it says are dynamics in an election year.
During his vetting by the Appointments Committee of Parliament the Vice President Paa Kwesi Amissah Arthur chronicled exchange rate figures which he said were affected negatively in election years.
He assured that the government as well as the Bank of Ghana is working assiduously to reverse the trend.
But Mahamadu Bawumia said the government has no business blaming an election year for their own incompetence.
He cited the 2004 election year in which he said the country's currency was largely stable.
He said even in the face of financial crisis in 2008, the cedi did not see close to the kind of depreciation it is witnessing in recent times.
According to him, the country's currency is facing its worse performance since the 70s and called for prudent fiscal policies to reverse the trend.
Dr Bawumia said the NPP has shown enough competence to handle the current depreciation and appealed to voters to vote massively for Nana Addo in the December elections.
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