Cedi depreciation not new; Akufo-Addo not to blame — NPP Chairman

The Vice Chairman of the New Patriotic Party (NPP) for the Manso Adubia Constituency in the Ashanti region, Robert Osei, has dismissed criticism of President Akufo-Addo’s administration concerning the depreciation of the cedi.

He argued that the depreciation is a longstanding issue heightened by global economic factors beyond the government’s control.

Speaking to the media, Mr. Osei emphasized that Ghana’s economic challenges are part of a wider trend affecting countries globally.

“It is important to understand that the current economic difficulties are not unique to Ghana. The global economy has been severely impacted by events like the COVID-19 pandemic and the war in Ukraine. These are factors that have affected many countries, not just Ghana,” he stated.

Citing historical facts, Mr. Osei remarked, “The cedi has depreciated, yes, but this is not a new issue. When President Kufuor was in power, one dollar was equivalent to 1 Ghana cedi. Today, it’s hovering around sixteen cedis to the dollar. But this is not the fault of President Akufo-Addo or the NPP; it’s a global issue.”

The Ghanaian cedi has witnessed significant depreciation over the past years, raising concerns among citizens and the opposition.

According to currency exchange data from Cedirates.com, the cedi was selling at GHS16.78 to $1 on November 11, 2024, and had recorded a slight depreciation in the buying rate by one pesewa from the previous day, while the selling rate remained steady.

Interbank rates listed the buying and selling prices at GHS16.34 and GHS16.36, respectively.

In comparison, the British pound was trading at GHS20.91 for buying and GHS21.70 for selling, while the Euro was priced at GHS17.32 for buying and GHS18.06 for selling.

Mr. Osei voiced his confidence in the capabilities of Dr. Mahamudu Bawumia, the NPP’s presidential candidate and a well-known economist, to steer the nation toward economic stability if elected.

“Dr. Bawumia is an intelligent person, and I am confident that if anyone can turn the situation around, it is him. However, the global circumstances make it difficult,” he added.

“It’s the same Mahama we already know. If the NDC were in charge, things would have been much worse,” he noted.