A Special Aide to the Vice President of the Republic of Ghana Dr Mahamudu Bawumia, who also doubles as the VP’s spokesperson has replied former president John Mahama on over his Twitter account comments mocking the Vice President regarding the depreciation of the cedi.
The former President had posted a Twitter jab accompanied by a campaign stump speech by the current Vice President of Ghana Dr Bawumia chastising the then Mahama administration of mismanagement of the economy leading to weak fundamentals which have made the cedi fall freely.
But Mr Mahama, obviously following the cedi’s depreciation wrote on Twitter:
“Today, GHC4.7 to $1. Weak fundamentals?”, accompanied by a video of Dr Bawumia whom many Ghanaians had called an economic prophet at the time.
But Dr. Gideon Boako disagrees that the fundamentals of the economy are weak.
“Just in case one cares to know: This is the breakdown of the year-on-year depreciation of the cedi against the US dollar for the first year of each new president from 1992 to 2017. The evidence shows clearly that the best performers are Presidents Kufour and Akufo-Addo.” He wrote.
He listed some figures to support his claim:
1993 (Rawlings) – 35%
1997 (Rawlings) – 22.6%
2001 (Kufuor) – 5.0%
2005 (Kufuor) – 1.1%
2009 (Mills) – 15.0%
2013 (Mahama)- 14.5%
2017 (Akufo-Addo) – 4.9%
“In the first quarter of 2018 the cedi appreciated by 0.2% – still counting till end of 2018.” He ended.