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Cedi Depreciation Under NPP Gov’t Poor – Kennedy Agyapong


The Member of Parliament for Assin Central, Kennedy Agyapong, has said the NPP government is to be blame for the poor performance of the cedi.

As at Monday, September 17, 2018, the cedi was trading at GH₵5.00 against a dollar, according to forex news.

This seems to be the highest ever since the cedi started depreciation against the dollar and other major currencies since the NPP government came to power in January 2017.

He has accused President Nana Addo Dankwa Akufo-Addo-led government of lying to Ghanaians about the actual percentage of the depreciation.

Earlier, the maverick MP blamed former President John Mahama and the NDC’s over the cedi depreciation.

“The cedi which is falling is because people are afraid and are now buying dollars. I don’t want any NDC member to argue about this cedi depreciation because they caused it. They establish banks and then when it dies then they leave to establish another one.

“I expect the NPP to argue the depreciation of the cedi on the lawlessness of the NDC because they caused it,” Kennedy Agyapong said on Adom TV.

But Kennedy Agyapong believes comparison and blame games are not the way to go because the NPP government has performed poorly in managing the cedi.

Revealing the cause of the cedi depreciation, Kennedy Agyapong said the cedi is falling because people have lost confidence in the bank and have ended up trading dollars.

Bawumia Spokesperson on Cedi Depreciation

The Spokesperson for Vice President Dr Mahamudu Bawumia, Dr. Gideon Boako, has said the assessment of the depreciating cedi should be within the context of other currencies losing value to the dollar.

He said the rate of the cedi’s depreciation is much better as a result of government actions, compared to the NDC government.

Dr. Boako insisted that Ghanaians also take into consideration the depreciation of other major currencies.

Agyapong Reacts

But the vociferous MP Kennedy Agyapong speaking on Net2 TV stated that the NPP government should be blamed over the depreciation.

“The thing was GH¢4.20p Now, in 18 months since we came, it is 5 cedis. At some places, it is even GH¢5.20! What is he (Dr Boako) talking about? If you look well, 80 pesewas has come to join it. Simple mathematics is 80p over [divided by] GH¢4.20p times [multiplied by] 100 (%), it gives you 19%! So how can Boako say it is 6%?, he said.

“If we are going to compare performance then it is wrong. It is not going to help… in fact, yesterday I was saying that on Adom TV. It was not good for Boako to come out,” Kennedy Agyapong said.

“When we took over power, it was 4.20 cedis to one dollar, today the cedi has depreciated by 80 pesewas, now at 5 cedis.

“Please please, you are not the one even to show me. Chronicle should tell me what business they are doing to talk like that,” he fired.

“They should show me where they found cedi to dollar at 4.75 and I will buy 10million dollars. I don’t lie. I am suffering. I am NPP but I speak the truth. I said today, they should show me where they bought it for 4.75 and I will buy 10million dollars now-now,” he challenged.

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