Dr. Mahamudu Bawumia, NPP Flagbearer, Defends Cedi's Strength Against Dollar

In a recent interview with AfricaWatch Magazine, Dr. Mahamudu Bawumia, the flagbearer of Ghana's New Patriotic Party (NPP), underscored the notable resilience of the Ghanaian cedi against the US dollar during the tenure of President Nana Akufo-Addo's administration. Dr. Bawumia compared the performance of the cedi under the NPP government to its depreciation during the National Democratic Congress (NDC) regime, emphasizing a marked improvement.

Dr. Bawumia, known for his expertise in economics, highlighted statistical data to support his claims. He pointed out that despite facing significant global economic challenges, the depreciation rate of the cedi has been effectively managed under the Akufo-Addo administration compared to the previous NDC government. Drawing attention to averages and cumulative figures, Dr. Bawumia asserted that between 2017 and 2023, the average depreciation of the cedi was lower than that of the NDC government from 2009 to 2016.

Quoting Dr. Bawumia, he stated, “Why not? We use averages to measure progress in statistics and economics all the time. It is a valid comparison of the management of the exchange rate under our government versus under the NDC government."

Moreover, Dr. Bawumia defended his earlier remark from the NPP's 2016 campaign, reiterating his stance that an exchange rate reflects a government's strength when its economic fundamentals are robust. He attributed recent fluctuations in the exchange rate to global crises such as the Russia-Ukraine conflict and the COVID-19 pandemic.

The interview also addressed the impact of various domestic challenges on Ghana's economy, including the banking-sector crisis and excess-capacity energy payments. Dr. Bawumia emphasized that while these challenges weakened the economy's fundamentals, recent improvements in fiscal deficit, inflation, and external reserves have contributed to the relative stability of the exchange rate.

The assertion made by Dr. Bawumia comes amidst a backdrop of political and economic discourse in Ghana, with the upcoming elections looming on the horizon. The comparative analysis of the cedi's performance under different administrations is likely to fuel debates and discussions within the political landscape as Ghanaians evaluate the competing narratives presented by political parties.

As the nation navigates through economic uncertainties and prepares for the electoral process, Dr. Bawumia's remarks serve as a focal point for scrutiny and analysis, shaping public perception and influencing voter decisions.

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