NPP Didn’t Leave Behind Depreciating Cedi – Ghanaian Dr. Kabiru Speaks

A former Economic Advisor to the Ex-Vice President Of Ghana,Dr. Mahamudu Bawumia, Dr. Tiah Abdul-Kabiru Mahama, has disputed claims that the New Patriotic Party (NPP) administration handed over a depreciating currency to the current government. Speaking on The Point of View on Channel One TV, Dr. Kabiru argued that the cedi was already on a path to recovery before the change in government.

Cedi’s Performance

Dr. Kabiru noted that the local currency had reached a low of GHS16 to the dollar around November 2024 but had since shown signs of improvement. He emphasized that the cedi was not in crisis when the NPP government handed over to the Mahama government. “The cedi went down to GHC16 from November 2024, and the government started bringing it down. The cedi was on a downward and stable trend”.

Appreciation of the Cedi

Dr. Kabiru highlighted that the cedi had been appreciating against the dollar in the last three weeks, from May 1 to May 20. He stated, “We can say that the currency is appreciating against the dollar from May 1 to May 20, for the last three weeks”. This, he argued, demonstrates that the NPP administration had made progress in stabilizing the cedi before handing over.

Credit Where Credit is Due

Dr. Kabiru suggested that the current government should give credit to the NPP administration for the progress made in stabilizing the cedi. “At least we can give credit, if they want to take the full credit”. He emphasized that the cedi’s stability was a result of the efforts of the previous government.

Conclusion

The debate over the state of the cedi at the time of the handover highlights the politicization of economic issues in Ghana. Dr. Kabiru’s comments underscore the need for a nuanced understanding of economic trends and the impact of policy decisions on the currency. As the country moves forward, it is essential to prioritize economic stability and continuity.

Source: Africa Publicity