You are 'mad' if you think an exchange rate of GH¢16 is better than GH¢4 to $1 – Felix Kwakye

Parliamentary candidate for Abura Asebu Kwamankese, Felix Kwakye Ofosu, has dismissed claims suggesting that an exchange rate of GH¢16 to $1 is better than the GH¢4 to $1 rate under the erstwhile Mahama administration in 2016.

According to him, it is irrational for anyone to reach such a conclusion, as the current rate is significantly higher than the rates under the Mahama administration. 

Speaking on the Good Morning Ghana show on August 29, 2024, he said; “That senseless argument stems from Bawumia’s disrespect when he tells you that an exchange rate of GH¢16 to $1 in relation to the dollar is better than GH¢4 to $1. With the greatest respect, that is madness if you ever made that argument. Even if you calculate depreciation using the correct formula, the rate under Bawumia is still higher.”

Health Minister Bernard Okoe-Boye countered these claims, stating that it is false to suggest that Ghana was not a "banana republic" during John Mahama’s presidency. 

He argued that Mahama was unable to sustain the economy, as inflation moved from single digits to double digits during his tenure.

“When John Mahama took over from the late Evans Atta Mills, inflation was in single digits, but Mahama left with double digits,” he added.

Watch the video below:

You are mad if you think an exchange rate of Ghc16 is better than Ghc4 to $1 - @FelixKwakyeOfo1 argues #GoodMorningGhana #MetroTV pic.twitter.com/1VNghbWR0a

— Metro TV Ghana (@metrotvgh) August 29, 2024

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