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25.06.2018 Feature Article

The Performance Of The Cedi Under Presidents Mahama And Akuffo Addo A Comparative Analysis

The Performance Of The Cedi Under Presidents Mahama And Akuffo Addo A Comparative Analysis
LISTEN JUN 25, 2018

There is a current discourse on the depreciation of the Cedi to the extent of some demanding the resignation of the Vice President with President Mahama qouted on Tweeter as mocking the President asking what happened to “Weak Fundermentals” Bawumia had alluded to during his reign

Instead of resorting to innuendos I would like do do a comparative analysis of how the Cedi had performed in the first 18 mths under Mahama and Akuffo Addo

The data is taken from the IMF Data Source

Date

President

Occassion

Cedi Rate

Depreciation

Comment

Jan 7th 2013

Mahama

Swearing In

1.905000

Dec 31st 2013

End of year

2.352500

23.49%

By end of first year

June 1st 2014

18 mths in

3.000500

57.51%

By 18 mths

Jan 7th 2017

Akuffo Addo

Swearing In

4.205700

Dec 31st 2017

End of Year

4.520500

7.50%

By end of first Year

June 1st 2019

18 mths in

4.695100

11.68%

By 18mths

Every currency fluctuates from time to time. Under President Mahama the cedi depreciated by 23.49 percent by the of his first year and 18 mths into his Presidency by as much as 57.5 percent.

Comparatively the cedi depreciated by only 7.5% in his first year and by 11.68% 18 mths into President Akuffo Addos reign

It is fair to say that Akuffo Addo had done far better in slowing down the rate of change of the Cedi than Mahama did in the same period of time.

I think in our political discourse we must put the interest of the nation ahead of our political idiosyncrasies. Indeed President Mahama has no moral right to chastice Akuffo Addo on this subject when his performance was far worse. It also has the potential to dent the image and confidence Investors have in the nation with such statement coming from a Former President

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