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21.03.2019 General News

Dr. Bawumia To Address State Of Ghana’s Economy On April 3

By Eric Nana Yaw Kwafo
Dr. Bawumia To Address State Of Ghana’s Economy On April 3

Vice President of Ghana, Dr. Mahamudu Bawumia has been scheduled to address the country on the state of the economy at a town hall meeting dubbed “Our progress, our status, our future” on April 3 2019.

At the event next month, the VEEP who heads President Akufo-Addo’s Economic Management team is expected to give a thorough account of the state of the depreciating cedi as well as measures being implemented by government to ensure its performance is improved on the stock exchange market.

The program which forms part of a new initiative announced by the Information Ministry has been billed to take place at the College of Physicians and Surgeons in the national capital, Accra.

The main opposition party, National Democratic Congress (NDC) at a Press Conference on Wednesday, 20 March 2019 accused the New Patriotic Party (NPP) of not being able to manage the economy of the country well and as a result the poor performance of the cedi against the other foreign currencies.

The Minority’s spokesperson on finance, Cassiel Ato Forson, with reference to the 2019 budget, said: “All fiscal and financial estimates were made using a projected Cedi/Dollar exchange of GHS4.8 per Dollar. Currently, the Cedi/Dollar exchange is quoted at GHS5.65 per Dollar. The implication is that all government loans that were expected to be serviced at the projected exchange rate of GHS4.8 have suddenly become more expensive”.

“The stock of total public debt has gone up significantly at the current cedi-dollar exchange rate of GHS5.65. In November 2018, the stock of total external debt as reported by the Bank of Ghana was US$18.014 billion.

“At the then exchange rate of GHS4.8 per dollar, the total external debt in local currency was GHS86.4 billion. Even if the government has not added anything to the stock of external debt over the last three months, which we all know is not possible, the US$18.0 billion external debt recorded in November 2018 will be translated at the current exchange rate into GHS101.3 billion.

Meanwhile with Dr. Bawumia billed to address the state of Ghana’s economy next month, the minority says they are looking forward to the event to hear what Dr. Bawumia will have to say as he was very vocal about stabilizing the economy prior to the 2016 general elections.