NPP’s performance in managing the local currency better than NDC - IPG

The Institute of Progressive Governance, (IPG), has maintained that the New Patriotic Party, (NPP), has performed better than the National Democratic Congress, (NDC), since the 4th Republic.

According to the policy think tank, even though the Ghanaian economy has faced difficulties in recent years, the NPP has performed far better than the National Democratic Congress in currency management.

“Ghana has faced serious economic challenges mainly due to extraneous factors, but despite these difficulties, the New Patriotic Party has performed better in managing the local currency, the Cedi, than the National Democratic Congress has done all these years” the statement contained.

It further explained that the John Agyekum Kufour administration left the currency at GHS 1.20 to the US Dollar, but the John Evans Atta-Mills/Mahama administration failed to manage it as it should.

“The Mills/Mahama administration left the local currency at GH4.20 in 2016. The Cedi recorded an accumulated depreciation of 71. 43% in the 8 years of the Mills/Mahama administration”

According to IPG, despite the numerous challenges faced by the Akufo-Addo administration, the accumulated depreciation is lower than what the NDC achieved under the Mills/Mahama administration.

“President Akufo Addo is leaving the currency at GH 14.54 to the UD Dollar today, giving the accumulated depreciation of 71.11% in the last 8 years. This is on the back of the two catastrophic incidents that have plagued the global economy; COVID-19 and Putin’s invasion of Ukraine which has caused significant increases in prices of imported goods and commodities”.

The think tank indicated that the New Patriotic Party’s 71.11% in 8 years is slightly better than the NDC’s 71.43%. It further emphasized that but for COVID-19 and the Russian/Ukrainian war which adversely impacted the global economy, the Ghanaian currency would have performed far better than it did.

“President Akufo Addo's accumulated depreciation of 28.2% (in his first term) is the BEST record for any first term government since 1993! This simply means that the Cedi’s depreciation for the 8 years of the Akufo-Addo administration would have been far lesser than we are seeing now” IPG stated.

“However, President Akufo-Addo’s second term was a complete departure from the first term in terms of the Cedi’s performance! The Cedi suffered a depreciation of 38% just in the year 2022 alone (bringing severe economic hardships that eventually led to a humiliating defeat in the recent general elections)” according to the statement issued by IPG.

The statement concluded with a call on the just sworn-in Mahama administration to speak to facts while urging the general public to be guided by the facts and figures relating to the performance of the Cedi since 1992 between the NPP and NDC.