Spokesperson to the Vice President, Dr. Gideon Boako, has indicated that the Vice President’s statement on the cedi’s depreciation was factual at the time he made the claim.
The Vice President in his first term mentioned that his government had arrested the cedi.
Speaking on Citi TV, Dr. Boako said, “the context in which the Vice President spoke at the time was not wrong.”
“Basically he [Bawumia] was talking about the rate of deprecation… definitely, if any economist is making a comment, it was right for the economist to say that the speed at which the currency depreciates has slowed down,” Dr. Boako said.
“So, if he [Bawumia] says we have arrested the rate of depreciation at the time, the evidence and data at the time supported that… so that was a factual statement to make. But as to whether or not you are able to hold on to that is something else,” he added.
He maintained that the statement “passed the test of truth.”
“The fact that he made a statement that is factual is factual. That is data. If you are speaking to data, you speak to data,” he said.
Meanwhile, the cedi is currently selling at GH¢7.88.
Bloomberg reports showed that the cedi remained the worst performing among the currencies with “Worst Spot returns” on the global market.
In a public lecture by Dr. Bawumia, he stated the depreciation of the cedi has been caused by negative credit ratings by international rating agencies, delay in the passage of the 2022 budget, and the Russia-Ukraine crisis.
Dr. Gideon Boako is Dr.Bawumia's spokesperson