$1 would have equaled GH¢16 if NDC was in Power - Bawumia

Ghana's Vice-President, Dr Mahamudu Bawumia said the coutry's currency would have depreciated horribly if the opposition National Democratic Congress were in power.

While a dollar is going for nearly GH¢6, Bawumia estimates that if the NDC government had been allowed to continue, a dollar would have gone for GH¢16.

Bawumia made this remark in an interview on Peace FM Tuesday,in response to his earlier promise of 'arresting' the cedi if Ghanaians voted NPP in 2016.

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Since forming a government in 2017, the cyclical complaints about the rate of depreciation of the cedi against the major currencies have persisted.

But Bawumia has compared the NPP management of the cedi to that of its predecessor.

From 2013 to 2016 under the Mahama-led NDC government, the cedi depreciated averagely by about 18%, he pointed out. In nearly the same period under president Nana Akufo-Addo, the depreciation is averagely 8.7%.

In a further argument, he reminded Ghanaians that after the re-denomination of the currency in 2007, a cedi went for one dollar. But when the NDC lost power in 2016, a dollar was being exchanged for about four cedis.

It meant a quadrupling of the cedis against the dollar, he said.

Based on this exponential growth, he said if John Mahama had been re-elected in 2016, the cedi would have been going for 16 cedis, he claimed.