In an interview with AfricaWatch Magazine, Dr Bawumia highlighted the cedi’s resilience under the President Akufo-Addo administration, emphasizing his position on stabilizing the cedi’s value.

He remarked that despite ongoing global economic challenges, the depreciation of the cedi has been managed effectively, especially when contrasted with the previous NDC administration.

“Why not? We use averages to measure progress in statistics and economics all the time. It is a valid comparison of the management of the exchange rate under our government versus under the NDC government. The point is that notwithstanding the major global and domestic challenges we have been through, it is remarkable that whereas the exchange-rate depreciation between 2009-2016 averaged 13.9%, between 2017-2023 it averaged 13.1%. That is a fact,” Dr Bawumia stated.

The data shows that from 2009-2016, the cedi depreciated cumulatively by 71.1%, and between 2017 and 2023, the cumulative depreciation was 64.6%. So, whether you look at the average or the cumulative, the depreciation of the cedi has been lower under our government, notwithstanding the severe global shocks we have endured. That is the basic truth.”

Dr. Bawumia also defended a remark he made during the NPP’s 2016 campaign, reaffirming his view that an exchange rate reflects a government’s strength when its fundamentals are robust.

He attributed the current exchange rate’s fluctuations to global crises such as the Russia-Ukraine conflict and the 2019 COVID pandemic.

“Absolutely! It is still true, and I will continue to stand by that statement. We saw that between 2017 and 2021 when the fundamentals in terms of the fiscal deficit, inflation, GDP growth, external balances, and international reserves were fairly strong, the exchange rate was relatively stable,” he said.

“But following the COVID-19 pandemic, the Russia-Ukraine war, the banking-sector crisis, the excess-capacity energy payments, and the lack of access to international capital markets, the fundamentals of the economy were weakened, and the fiscal deficit and debt levels increased.

“Inflation reached some 53% at the end of 2022 and you saw the exchange rate depreciate by some 30% in 2022. The fundamentals have strengthened recently, with the declining fiscal deficit, declining inflation, improved external reserves, and so on, and this has resulted in relative stability of the exchange rate. So, my statement still holds true.”

Source: Graphic Online

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A press statement signed by youth organisers in the six constituencies in the region said a purported endorsement of Dr Opoku Prempeh by some other youth organisers did not represent the entire youth organisers in the Ashanti Region.

“It’s important to clarify that this assertion does not accurately represent the sentiments of the majority of youth organisers in the Ashanti Region. The purported endorsement merely reflects the views of a few individuals and does not speak on behalf of the broader Youth Organisers or their Constituency,” the statement said.

The statement was signed by Nana Sarpong, Boitey Kwasi Dickson, Gideon Okyere Darko, Prince Boateng, Duggan Bright and Bright Nyampong, the respective NPP youth organisers for Kumawu, Juaben, Offinso North, Bosomtwi, New Edubiase and Obuasi West.

Earlier statement 

The statement from the six youth organisers followed an earlier statement by another set of four youth organisers from the region claiming that Dr Opoku Prempeh had the full backing  of the entire Ashanti Youth Organisers.

The four youth organizers that released the statement endorsing the Energy Minister were Nana Boakye Dankwa, Bantama, Micheal Saddick Adams, Oforikrom, Nana Kwadwo Pipim, Old Tafo and Nkansa Ababio, Ahafo Ano South West.

Sole prerogative 

However, in dissociating themselves from the purported endorsement, the six youth organisers said the selection of the running mate was within the purview of the flag bearer in consultation with the National Council.

“It is not within the mandate of youth organisers to exert pressure, whether directly or indirectly, on the Presidential Candidate regarding the choice of a running mate. Such actions would constitute undue influence and run counter to the democratic principles of our party,” 

“To ensure maximum support from party members and the Ghanaian populace, it is paramount for our party’s leadership to consider a candidate who embodies humility, commands respect across all sectors, possesses national appeal, and is widely liked by the majority of Ghanaians before finalising the choice of a vice-presidential candidate,” the statement added.

The statement called on members of the party to continue to pray for Dr Bawumia for God’s guidance in selecting the right running mate.

“Let us collectively uphold the democratic values of our party and strive towards unity in preparation for the upcoming elections,” the statement added.

Source: Graphic Online, Author: Emmanuel Ebo Hawkson

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