Hot audio: We won't apologise for arresting rapid depreciation of cedi - Bawumia

Hot audio: We won't apologise for arresting rapid depreciation of cedi - Bawumia
Source: Myjoyonline.com
Date: 13-02-2020 Time: 02:02:19:pm

Vice President Dr Mahamudu Bawumia has once again highlighted the performance of the cedi under the Akufo-Addo government. 

He said the local currency has not only performed better but its drop against major international currencies has been stabilised.

Speaking at the maiden Townhall Meeting in Kumasi, he said under the Akufo-Addo government the performance of the cedi has been much than the Mahama regime which experienced a free fall. 

“How has the cedi performed under the government of Nana Akufo-Addo in the last three years? The answer is very simple. Between 1993 and 1996, which is the first term of the Fourth Republic, the average rate of depreciation of the cedi was 27.95 per cent.  

“From 1997 to 2000, it was 25.19 per cent. From 2001 to 2004, we drastically reduced to 11. 4 per cent under President Kufuor. In 2005 to 2008, the second term to 6.75 per cent.