Alabi jabs Bawumia over Cedi’s depreciation

joshua-alabi

joshua-alabi

A presidential aspirant of the National Democratic Congress (NDC) Professor Joshua Alabi has advised the Vice President, Dr Mahamudu Bawumia to come clean on the true state of the Ghana cedi.

 

Prof Joshua Alabi said the vice president will do Ghanaians a lot of good if he tells the truth about the fall of the Cedi.

 

“He should be very humble. He should not do anything with arrogance. It is bad, let us admit it is bad and collectively as a people, even from opposition, we will help to restore it.”

 

“If the cedi is 5 cedis, I also suffer so why should we be happy that it is depreciating,” he queried in an interview.

 

The Cedi has been depreciating against the major trading currencies in the past month.

 

As of Friday, September 14, 2018 the Cedi was selling between ¢4.85 – ¢4.94 to the United States dollar.

 

Explaining the cause of the depreciation recently, the Vice President who had once said, “If the fundamentals of the economy are weak, the exchange rate will expose you,” maintained that the Cedi was at its best and that loss in value was not a sign of a weak economy.

 

The Vice President pointed out that the slower rate of depreciation was because, under the President Akufo-Addo administration, the “fundamentals of the economy are getting stronger”.

 

Additional evidence of a strong economy he indicated was the increasing economic growth rate, decreasing inflation rate, decreasing fiscal deficit, decreasing debt-to-GDP ratio and improving gross international reserves.

 

Dr. Bawumia who once said the government had arrested the cedi, again explained, the cause of the depreciation is down to happening in the US economy.

Prof. Alabi, 60, a Russia-trained academic and politician served as the first Vice-Chancellor of the University of Professional Studies, Accra.

He is a former National Democratic Congress (NDC) Member of Parliament for the Krowor Constituency in the Greater Accra Region and a former Minister of State for the Greater Accra and the northern regions respectively.

-myjoyonline.com

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