Given the recent performance of the cedi, the Minority Spokesperson on Finance, Cassiel Ato Forson, says the Vice President Mahamudu Bawumia has no other option than to apologize to Ghanaians.
The performance of the cedi against major trading currencies was a significant campaign issue ahead of the 2016 elections with Dr. Bawumia claiming that the depreciation of the Cedi showed the National Democratic Congress’ poor handling of the cedi.
This past week, some banks were selling a dollar for GHc4.67. The rates as quoted by some forex bureaus were as much as GHc 5 to a dollar.
Amid the depreciation, Dr. Bawumia has said other currencies are also struggling against the dollar.
“…the exchange rate of the cedi to the US dollar remained relatively stable when compared with movements in other currencies against the US dollar.”
Responding to this on Eyewitness News, Mr. Ato Forson said Dr. Bawumia had been exposed ‘badly’ by his own words.
The NDC MP recalled that Dr. Bawumia never referenced other currencies when criticizing the cedi’s performance under the Mahama administration.
The New Patriotic Party administration famously promised that it would arrest the falling cedi.
But Mr. Ato Forson feels reality is now dawning on the party that has governed since 2017.
“He is now accepting that there are exogenous and external shocks that you can do nothing about? Is he now accepting that point and has he not been exposed as he speaks?”
Mr. Ato Forson said this latest defense from the government would not hold hence his call for an apology.
“This is something he cannot defend. Ghanaians will not accept anything apart from an apology. He should just come and apologized to us and let us all live in reality.”
Mr. Ato Forson also sought to punch holes in the government’s claim its economic fundamentals were significantly better than the NDC’s.
For the so-called fundamentals, he insisted that nothing has changed; If you are talking about fundamentals that will actually support a strong currency, it is the Balance of Payment [BOP]… the BOP is actually struggling.”