Bawumia commends BoG, Ministry of Finance on 'just 2%' cedi depreciation

Vice President, Dr. Mahamudu Bawumia, has commended the central bank, and the finance ministry for working to ensure that the Ghanaian Cedi stayed afloat despite the COVID-19 pandemic and the country’s preparation toward the December 7 elections.

According to Dr. Bawumia, this has changed the debate about the cedi which characterises the nation any time there is an election.

“So far this year, the cedi has only depreciated for just two per cent and this is why you are not hearing a lot about depreciation. And we thank the Bank of Ghana and finance ministry for that,” Dr Bawumia said, in an address to some private school teachers and informal sector traders at Abossey Okai in Accra.

He noted that the “very splendid result” of the Ghanaian cedi is as a result of the monetary policies the Bank of Ghana (BoG) introduced and the larger contribution from the Ministry of Finance.

Dr. Bawumia, the chairperson of the Economic Management team of President Akufo-Addo's cabinet, further argued that the financial sector clean up has also changed the financial sector for the better, and is evident in Ghana consistently recording better trends in interest rates, exchange rates, depreciation and inflation.

Dr. Bawumia further indicated that the Akufo-Addo administration has so far spent GH?21 billion on the 'banking sector clean up', including payments to depositors of the collapsed financial institutions.

Turning to the plight of teachers, Dr. Bawumia said that the NPP administration is currently looking at how to cushion the teachers whose livelihoods have been adversely affected by the closure of schools due to the coronavirus pandemic control measures.