Former Finance Minister Kwabena Duffuor has said the weakness of the Ghana cedi has exposed the Akufo-Addo government’s economy per Vice-President Mahamudu Bawumia’s own standard of measurement: ‘If the fundamentals are weak, the exchange rate will expose you’.
Speaking in an interview on GHOne TV, the former Governor of the Bank of Ghana, who has expressed interest in becoming the flagbearer of the National Democratic Congress (NDC), said there were “obvious” challenges with the economy.
“Look at the cedi, for example: when I was in office , you needed 1 cedi 88 pesewas to get a dollar but now you need 6 cedis 20 pesewas to get a dollar”.
“[A few] years ago, Dr Bawumia said: ‘When the fundamentals are weak, the exchange rate will expose you’; the exchange has exposed the government now, meaning the fundamentals are weak by Bawumia’s own explanation,” the businessman said.
Dr Duffuor noted that “the cedi is running and he [Dr Bawumia] promised that he will arrest the cedi. Where is he? Dr Bawumia, the cedi is running; arrest it”.
“He [Bawumia] also made a point that he had worked at the central bank and that there was so much money and we didn’t have to go and borrow; what has happened during his term?”