Dr. Tiah Abdul-Kabiru Mahama, the Member of Parliament for Walewale and former Economic Advisor to Dr. Mahamudu Bawumia, has stated that the New Patriotic Party (NPP) administration did not leave behind a depreciating currency when handing over to the current government.
Speaking on The Point of View on Channel One TV on Wednesday, May 21, Dr. Abdul-Kabiru dismissed suggestions that the cedi was in crisis before the transition.
“The level of appreciation may differ based on how much reserves you have accumulated, how your external sector is performing,” he said.
He argued that while conditions may vary between administrations, the cedi was already on a path to recovery before the change in government.
He noted that the local currency had reached a low of GHS16 to the dollar around November 2024, but had since shown signs of improvement.
“It is not the case that the NPP handed over a currency that was not stable. At least we can give credit, if they want to take the full credit. We can say that the currency is appreciating against the dollar from May 1 to May 20, for the last three weeks.
He emphasised, “The cedi went down to GHC16 from November 2024, and the government started bringing it down. The cedi was on a downward and stable trend. It wasn’t that the cedi was in crisis when the NPP government handed over to the Mahama government.”
—citinewsroom
