Be humble, admit cedi situation is bad – Alabi tells Bawumia

Be humble, admit cedi situation is bad – Alabi tells Bawumia
Source: Ghana | | NSA
Date: 16-09-2018 Time: 06:09:40:pm

Presidential aspirant of the National Democratic Congress (NDC) has advised the vice president, Dr Mahamudu Bawumia to come clean on the true state of the Ghana cedi.

The cedi has been depreciating against the major trading currencies in the past month.

Cedi depreciate

As of Friday, September 14, 2018 the cedi was selling between ¢4.85 - ¢4.94 to the United States dollar.

Explaining the cause of the depreciation, the Vice President who had once said, “if the fundamentals of the economy are weak, the exchange rate will expose you,” maintained that the cedi was at its best and that loss in value was not a sign of a weak economy.

He pointed out that the slower rate of depreciation is because, under the Akufo-Addo government, the 'fundamentals of the economy are getting stronger'.

Additional evidence of a strong economy he indicated is in the increasing economic growth rate, decreasing inflation rate, decreasing fiscal deficit, decreasing debt-to-GDP ratio and improving gross international reserves.

Bawumia who once said the government had arrested the cedi, explained, the cause of the depreciation is down to happening in the US economy.

Joshua Alabi

But Prof Joshua Alabi said the vice president will do Ghanaians a lot of good if he tells the truth.

“He should be very humble, he shouldn’t do anything with arrogance. It is bad, let’s admit it is bad and collectively as a people, even from opposition, we will help to restore it.

“If the cedi is 5 cedis, I also suffer so why should be happy that it is depreciating,” he queried.