Bawumia’s claim of cedi performing better under NPP government than Mahama ridiculous, embarrassing — Minority

Vice President Dr Mahamudu Bawumia has come under fire for claiming that the local currency, the Ghana cedi, has performed better under the NPP government than it did under the previous NDC administration.

At a press conference on Wednesday, May 15, Minority Leader and Ranking Member on Parliament's Finance Committee, Dr Cassiel Ato Forson ridiculed Dr Bawumia's statement as "ridiculous and embarrassing."

According to Dr Forson, when the NDC government was exiting office in December 2016, the exchange rate stood at 3.8 cedis to $1.

However, today under the NPP government, the rate has plummeted to 14.95 cedis to $1.

"How is Alhaji Bawumia able to look Ghanaians in the face and claim that an exchange rate of GHS14.95 to USD1 in 2024 is better than the 2016 year-end’s GHS3.80 to USD1. This is ridiculous and embarrassing!" said the Minority Leader.

Dr Forson stressed that the facts do not support Dr Bawumia's claim of superior performance, just as his other economic pronouncements have been proven inaccurate.

He warned that the cedi's freefall is damaging businesses and worsening the plight of Ghanaians already suffering from high inflation.

Unless urgent action is taken, the situation could deteriorate further, noted the NDC lawmakers.

The minority is calling on the government to tighten spending and address long-standing challenges in sectors like cocoa that are exacerbating the currency pressures.