FLASHBACK: Akufo-Addo promised USD1 for a cedi

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Tue, 17 Dec 2019 Source: www.ghanaweb.com

www.ghanaweb.com has chanced upon a video of President Akufo-Addo lambasting former President Mahama for the poor performance of the cedi against major trading currencies.

The president was seen assuring Ghanaians during his 2016 election campaign that the NPP government when elected into power, will do everything within their means to stabilize the depreciation of the cedi.

President Nana Akufo-Addo who was then a flagbearer of the NPP registered his unhappiness about how a United States (US) dollar was selling at GHC2.0, adding that he will ensure it will be reversed to GHC1.0 when he is elected into power.

“One dollar, one cedi. But in the time of Mills and Mahama, GHC2.0 is equivalent to Ghc1.0. I’m saying to the people of Ghana, I’m sorry. We are sorry for the poor work. In Kufuor’s time, one of the people who advised and helped him develop a strong cedi was my running mate, Mahamadu Bawumia”. He stated.

However, three years into power and the cedi is now selling between GH¢5.30 and GH¢5.70 under the NPP administration.

The cedi depreciation

The local currency has witnessed some significant depreciation, selling at GHC5.30 and GHC5.70 against the American dollar since the beginning of the year 2019.

This to a larger extent seems to be taking a heavy toll on importers especially.

It has also led to many criticizing the government but President Akufo-Addo, on the other hand, is pleased with the economy and its performance adding, the future looked good for the country.

Source: www.ghanaweb.com

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