The New Patriotic Party(NPP) government has offered sympathy to businesses hurting from the cedi's depreciation but the Minority in Parliament has offered a playback of NPP criticisms in opposition saying it is coming back to haunt it.
Deputy Finance Minister, Kweku Kwarteng told Joy FM Friday, the government is working on a long-term strategy to tackle an old problem of depreciation after the Cedi reached ¢4.7 to a dollar.
But the sympathy attracted criticism from Minority spokesperson, Cassiel Ato Forson, who remarked "Karma is a bitch" referring to the NPP's criticisms of the National Democratic Congress (NDC) government over its handling of the Cedi in 2014.
Ato Forson, who was a Deputy Finance Minister under the John Mahama administration, pointed to comments made by Vice-President Dr. Mahamudu Bawumia while he was in opposition that the depreciation of the Cedi was to due to weak fundamentals of the economy.
"The lesson from history for governments is that you cannot manage the economy with propaganda. In fact, you can engage in all the propaganda you want but if the macroeconomic fundamentals are weak, the exchange rate will expose you,” Dr. Bawumia criticised in May 2012.
The Cedi was ¢1.92 to a dollar then and ended at ¢4.17 by the time the NDC lost the 2016 general elections to the NPP.
Under Nana Akufo-Addo government, the June currency report shows it is experiencing another bout of depreciation with the dollar selling for ¢4.7 from¢ 4.2 in January 2017 when the NPP government took over.
Former President John Mahama on twitter, posted a video replaying Dr. Bawumia's criticism about weak fundamentals exposing government's propaganda on the Cedi's decline.
Source: Myjoyonline.com
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We are waiting to see what you will say when the economy starts improving
Karma is indeed a biiiiiitch!! Weak fundamentals? Dr. Bawumiah?
Where is Dr. Bawumiah the dollar arrester? LOL!!
Typical ignoramus. I don't even know if you people have brains at all. Serious issue and you people are Joking with it. Why is it that some NPP supporters behave like zombies?
Well said Hon. Forson. As a business man who deals in spare parts at Abosey Okai, I can't afford to import these spare parts again. The dollar rate is killing us ooh hmmmm. Had we known!!!
The Cedi will have been: 6.5 against the Dollar if Mahama and his 40 ***barred word*** were still in Power. Maths doesn’t lie and currency trends never lie...Under Akuffo Addo, for 1 1/2 half years, the Dollar has moved only 0.5%! Despite all the Economic hardship around the world and US tarrifs against China, and the trade wars. Businesses are cormfortable and climbing bit by bit. Ato Forson and propaganda, he should go back and read economics.
WHAT IS JOHN MAHAMA AND ATO FORSON TELLING GHANAIANS, NDC INHERITED ONE CEDI TWENTY PESEWAS FROM PRESIDENT KUFFOUR IN JAN. 2009 AND IN EIGHT YEARS TOOK IT TO FOUR CEDIS TWENTY PESEWAS SO WHAT ARE THEY TELLING US? PLEASE JOHN MAHAMA ALLOW GHANAIANS TO ENJOY OUR FREEDOM UNDER NANA ADDO AND HIS NPP GOV. YOUR BAD GOVERNANCE HAS BROUGHT ALL THIS HARDSHIPS TO US PLEASE GIVE GHANAIANS A BREAK. JOHN MAHAMA YOU DONT HAVE ANY MORAL RIGHT TO TALK ABOUT THE ECONOMY OF GHANA.YOU SHOULD BE ASHAMED OF YOUR SELF AND LET GHANAIANS WITH SHARP BRAINS RULE US.