Akufo-Addo not responsible for cedi depreciation – Manso Adubia NPP Vice Chairman

The Vice Chairman of the New Patriotic Party (NPP) for the Manso Adubia Constituency, Robert Osei, says the depreciation of the cedi is not the fault of President Akufo-Addo.

Rather, he attributes the economic challenges to global factors beyond Ghana’s control.

In a recent interview, Mr Osei explained that the global economic downturn, driven largely by the impacts of the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, has created ripple effects across economies worldwide, including Ghana’s.

He emphasised that these external factors are the main drivers of the local currency’s depreciation.

“It is important to understand that the current economic difficulties are not unique to Ghana. The global economy has been severely impacted by events like the COVID-19 pandemic and the war in Ukraine. These are factors that have affected many countries, not just Ghana,” Mr Osei said.

He further clarified that President Akufo-Addo should not be held responsible for the fluctuations in the exchange rate.

He acknowledged the challenges faced by the Akufo-Addo administration, including the rise in prices of goods on the market.

Comparing the current situation to the tenure of former President J.A. Kufuor, Osei noted that during Kufuor’s administration, the exchange rate was far more favorable, with one US dollar equaling just 1 Ghanaian cedi.

However, despite the challenges, including the recent pandemic and other hardships, the exchange rate has climbed to four cedis per dollar, Osei explained.

“The cedi has depreciated, yes, but this is not a new issue. When President Kufuor was in power, one dollar was equivalent to 1 Ghana cedi. Today, it’s hovering around four cedis to the dollar. But this is not the fault of President Akufo-Addo or the NPP; it’s a global issue,” he remarked.

Looking forward, Osei expressed strong confidence in Vice President Dr. Mahamudu Bawumia’s ability to steer the country towards economic recovery, despite the current challenges.

“Dr. Bawumia is an intelligent person, and I am confident that if anyone can turn the situation around, it is him. However, the global circumstances make it difficult,” he added.

Finally, Osei made a pointed comparison between the current NPP administration and the opposition National Democratic Congress (NDC). He suggested that the situation would likely be worse if the NDC were in power.

“It’s the same Mahama we already know. If the NDC were in charge, things would have been much worse,” Osei said, referring to the former president and NDC leader, John Dramani Mahama.

In conclusion, Osei reiterated that the challenges facing Ghana’s economy are a direct result of global events, not the actions of President Akuffo-Addo or the NPP government.

He remains optimistic about Ghana’s future under the leadership of Dr. Bawumia and believes that the country will eventually overcome these economic hurdles.