He insisted that the current economic fundamentals of the country are strong contrary to the opposition National Democratic Congress’ logic that the recent cedi fall must be due to weak economic fundamentals.

“If the fundamentals are weak, the exchange rate will expose you, but if the exchange rate moves you cannot jump into that conclusion that the fundamentals are weak, that defies logic,” he said.

Justifying his claim of strong economic fundamentals with data evidence, Dr. Bawumia said in 2014, the exchange rate depreciated by 31.3 per cent, the fiscal deficit was 10.1 of GDP and public debt rose to 70.2 percent of GDP, inflation rose to 17 per cent and GDP growth had declined from 7.3 per cent to 4 per cent.

The exchange rate in 2014, he said, exposed the weak economic fundamentals as compared to 2018.

Explaining further, he said at the end of December 2017, the cedi had cumulatively depreciated by 4.9 percent compared to 9.6 percent in 2016 and this was the Cedi’s best performance since 2011 at the end of 2017.

He said “we had the best performance of the cedi since 2011.”

“The data on the annual rate of the cedi in recent years shows that the best performance so far under the NPP government, the 8.4 per cent depreciation of the cedi that we saw in 2018 that worst performance is better than the best performance under the previous government between 2012 and 2016, so our worst is better than your best.”

Vice President Bawumia further indicated that the sudden sharp depreciation of the cedi at the beginning of 2019 has largely been reversed without any intervention from the Bank of Ghana.

He noted that “within a week the cedi went up to close to 5.9 to the dollar and then it retreated back to about 5.07 and even was threatening to go below 5. This is really an unprecedented development that you don’t normally ….when the Bank of Ghana had not intervened in the market, in fact if you look at it at the end of March 2019 the cedi has depreciated by about 5.18 per cent so far this year.”

Source: GhanaWeb

The post Cedi’s Fall Explained by Veep appeared first on Chrife.com.gh.

He has in this regard assured Ghanaians that the project which commenced about 12 months ago will be completed in the next 10 days to provide adequate gas so VRA could improve upon their power supply.

“This project was started about 12 months ago and I think from 10 days now it would be completed. This is a very pivotal place for us because this is where we actually sell the gas to VRA, Tema and to non-power customers who use it for ceramics”

Briefing the media during a tour of the Regulating station by officials including Energy Minister John Peter Amewu, Dr. Ben Asanti stated that the nearly completed work would help establish low cost of fuel for power generation in the country.

“Essentially this project would translate into a low cost of fuel for power generation. Power cost will run down.

The facility which currently has a storage capacity of about 150 mmscf upon completion would have a storage capacity of about 400mmscf.

The completion of the expansion works would pave way for the relocation of 470 MW Karpowership plant from Tema Fishing Harbour in the Greater Accra Region to the Western Naval Base in Sekond.

Source: GhanaWeb

The post We will Get Enough Gas 10 Days – Ghana Gas CEO Assures appeared first on Chrife.com.gh.

While admitting the task is an arduous one, he believes it is possible as there are many Ghanaians who are tired with the status quo of how governance has been done over the years between the two entrenched political parties, the NPP and the NDC.

Mr. Gane, a chartered accountant and an author who has managed global innovation and development funds, said he hopes to position Ghana where it belongs in the community and thus called on the youth to rally behind him to create a fitting inheritance for future generations.

He was speaking on GH One TV last night.

“In a nutshell it is not about getting people who have been in politics for long and shouted the most. That is not us. That is not me. That is not how I want to do this. We want to say there is an art to doing politics and let us do that art.

“But when it comes to the business of running the state, it needs professionals who can get the job done, because we are lagging behind. I am not saying any other state or jurisdiction is perfect but at least they get things done. It is one thing having a leader who understands how certain things should be done and how it should be directed than one who just hopes that the team gets it right. It makes a huge difference.”

A pro-Gane group announced Marricke’s intent saying Mr. Gane “was not tainted by Ghana’s political system and as such, he brings refreshing creativity, inclusiveness and objectivity to how politics is done.”

Gane is quoted as saying: “Our generation is a bridge – the only remaining bridge between the truncated dreams of our forebears and the eager hopes of posterity unborn. We have no choice but to disrupt every faulty status quo and make Ghana work for all of us. It is a grave burden that will demand more from all of us collectively. God has indeed blessed our homeland Ghana. It is we, who must now make her Great and Strong.”

The group also describes Gane as “a passionate Ghanaian with high integrity, a balanced Christian and respecter of all faiths and creeds.”

Source: citinewsroom.com

The post I Will Get the Right People to Work for Ghana – Marricke Kofi Gane appeared first on Chrife.com.gh.