This story was first published in April 2017
The Vice President, Alhaji Dr Mahamudu Bawumia has given an account of the first 100 days in office of the New Patriotic Party (NPP) government indicating that they have been able to “arrest” the fall of the cedi as well as made some 103 achievements.
In a humorous manner whilst delivering a 40-minute presentation, at a town hall meeting organised by Joy FM to assess the 100 days of President Akufo-Addo in office, the Vice President said the free fall of the cedi has been arrested, and the keys given to the Inspector General of Police (IGP) for safekeeping.
“When we came in, it [cedi] was running, essentially we have arrested it [cedi], and the IGP has the keys, he’s locked it up, we want to make sure we pursue sound policies to keep the cedi stable, it has appreciated for this year.“
“Inflation has come down from 15.4 per cent when we came into office to 12.8 per cent now and we’ve restored confidence in the macro economy by anchoring fiscal policy on credibility, clarity and transparency,” the Vice President who is also head of the government’s economic management team said.
Dr Bawumia said Ghana’s debt has been re-profiled. “We’ve been able to re-profile our debt, get more foreign exchange without increasing our debt stock. That is indeed a remarkable achievement.”
“Many people didn’t quite understand the transaction, they thought that we had gone to borrow US$2billion to add to Ghana’s debt, no, we are actually replacing more expensive debt with less expensive debt, elongating it and making it better for this country.”
He said the process has resulted in a “massive increase in Ghana’s foreign exchange reserves. From independence to the end of 2016, Ghana’s foreign reserve was some US$6billion. In less than 100 days, we have increased those reserves from $6billion to $8billion and with that you have a lot more confidence in the economy and you have seen a stability return to the cedi in value,” Dr Bawumia said.