A stalwart of the New Patriotic Party (NPP), Gabby Otchere-Darko, has noted that the two political parties should not be judged by the cedi-to-dollar exchange rates.
According to him, the depreciation of the cedi should not be a yardstick for determining whether either party should be given the mandate.
He added that this is because the cedi has not performed significantly better under either regime.
In a post shared on his X page on December 2, 2024, he wrote: “Rightly so, people are comparing these eight years of NPP (with Bawumia as VP) to the eight years of NDC under President Mahama and VP Amissah-Arthur to help decide on December 7 whether to give Bawumia his chance or give Mahama another shot.
“But I do not think using currency depreciation as a yardstick is useful because both parties have not managed the currency well, regardless of the causes. The NDC oversaw a 71% devaluation of the cedi from 2009 to 2016 (from GHS1.24 to GHS4.27 to the dollar), with the devaluation rate worsening between 2013 and 2016. Under the NPP, we are seeing a 72% drop, with $1 now equaling GHS15.24, and the decline has been sharper since 2020,” he added.
Gabby further emphasised that other data should be considered.
“Use other data, but not the cedi-to-dollar exchange rate, to judge the NDC and NPP. In January 2009, $1 was equal to GHS1.33. By January 2013, it had risen to GHS1.93. By December 2017, it was GHS4.27. The NDC saw a 71% drop from 2009 to 2016. By January 2020, the exchange rate was GHS5.61, and today, it stands at GHS15.24. So, the NDC’s 8 years saw a 71% drop, and the NPP has seen a 72% drop,” he added.
The NPP stalwart concluded that it is important to consider what each party has been able to achieve despite the significant depreciation and judge them on those accomplishments.
“So, examine what the two parties have been able to achieve despite the steep depreciation and judge them based on that. We should not change for the sake of change or continue for the sake of continuity, but based on their work, the vision they have articulated, the leadership qualities they have demonstrated, and the potential for future progress. Ghana must make progress. Ghana must also protect the gains it has made. Who can you trust to deliver on that?” he concluded.
The local currency has depreciated significantly against the US dollar in recent months.
The cedi is trading around …. on the forex retail market while going for …. on the BoG interbank market as of December 2, 2024.
The situation has led to the rising cost of living in the country, an increase in the cost of goods and services, especially among businesses, and severe economic hardships.
SSD/MA
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel
