NPP’s Gold for Oil Policy Boosts Cedi: Ghanaian Former Vice President Dr. Bawumia Slams NDC’s Claims

Former Vice President Dr. Mahamudu Bawumia has dismissed the National Democratic Congress’s (NDC) claims of crediting the recent appreciation of the cedi against major currencies. According to Dr. Bawumia, the NDC cannot identify a single policy that has contributed to the cedi’s strength.

NPP’s Gold for Oil Policy

Dr. Bawumia attributed the cedi’s recent performance to the New Patriotic Party’s (NPP) “gold for oil” policy. He emphasized that this policy has been instrumental in stabilizing the cedi and boosting its value against the dollar and other major currencies. “The NPP deserves the credit for the cedi’s recent performance against the dollar because of our gold for oil policy,” Dr. Bawumia stated.

NDC’s Lack of Credible Policies

Dr. Bawumia challenged the NDC to name a single policy they have implemented that has led to the cedi’s appreciation. “If you are to ask the NDC to point out exactly what policy they have implemented that has resulted in the appreciation of the cedi… They cannot tell you one that has been implemented, not sort of talked about, but actually implemented,” he said. This assertion questions the NDC’s ability to formulate and execute effective economic policies.

Economic Impact

The cedi’s recent appreciation against major currencies has been a welcome development for Ghanaians. A stronger cedi can lead to lower import costs, reduced inflation, and increased purchasing power for citizens. Dr. Bawumia’s assertion that the NPP’s gold for oil policy is responsible for this development highlights the potential benefits of this policy initiative.

Political Implications

The debate over the cedi’s appreciation and the policies responsible for it has significant political implications. As the NPP and NDC vie for power in the 2024 presidential elections, their economic policies and track records will be under intense scrutiny. Dr. Bawumia’s comments underscore the importance of credible and effective economic policies in Ghana’s political landscape.

Conclusion

Dr. Mahamudu Bawumia’s remarks highlight the ongoing debate about Ghana’s economic policies and their impact on the cedi’s value. As the country navigates its economic challenges, the NPP’s gold for oil policy and its effects on the cedi will remain a critical topic of discussion. The NDC’s response to Dr. Bawumia’s challenge will be eagerly anticipated, as both parties prepare for the 2024 elections.

Source: Africa Publicity