Vice President Dr. Mahamudu Bawumia’s recent comments that Ghana’s economy is built on strong fundamentals have received vindication from S&P Global Ratings.
Dr. Bawumia, while speaking at a Student’s Entrepreneurship Initiative Program (SEIP) in Tamale, dismissed the Minority’s concerns that the recent marginal depreciation of the cedi was occasioned by weak economic fundamentals.
Examining economic data of the recent past, the Vice President argued that low inflation, reduction of debt to GDP ratio, declining interest rates, increased growth rate, increased manufacturing and agricultural growth among other economic indicators showed that the Ghanaian economy was doing relatively well.
Dr. Bawumia asserted that the 7% depreciation of the cedi was the second lowest since 2012 and that this cannot be evidence of weak economic fundamentals.
But the Minority NDC was adamant in not accepting Vice President Dr. Bawumia’s analysis.
Deputy Minority Leader and MP for Ketu North, James Avedzi, rejected Dr. Bawumia’s argument that the economy was doing well.
However, a 12 page report by the credit rating agency, S&P Global Ratings, published on 14th September, 2018, showed Ghana’s economic performance improved which resulted in Ghana being upgraded from B- to B.
It is stated in the report that “S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Ghana to ‘B’ from ‘B-‘”. The reputable credit rating agency added that Ghana’s “outlook is stable”.
The verdict by S&P Global ratings seem to have settled the debate on the economy in favor of the ruling New Patriotic Party Government. It is a vindication of Vice President Mahamudu Bawumia, who has maintained that the economy is better managed today than two years ago.
Source: Dennis Kwakwa/NPP Youth Activist, Ashanti Region (Peacefmonline)
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Don't deceive yourself, it is npp paid publication of lies
There is probably nothing as self-deceitful as tickling ones self to enable one to laugh. thank God we are going to the same market. MPP? the super performers sef bi this? hmmmm
are you so ***barred word***, ndc met 1 dollar to 1.20 pesewas in 2009, and you feel proud at such incompetence of 1 dollar to 4.00 gha, very shameful, have you checked the rate at which the dollar was running under your incompetent ndc, you guys should be quiet and allow big brains to work, am only waiting for amidu to shut you people down.
so today NPP and its supporters, want us to take S&P today, because they are saying good things about them, same S&P gave the previous government B3!! NPP communicators not everybody is a ***barred word***, we can see through all the shenanigans!! 2020 we shall see,keep on keeping on!!
Figures don't lie and the man speaks with figures so he will always get it right. External reserves have increased, exports have exceeded imports showing a trade surplus, inflation is in the single digits, interest rates are trending downwards. Those are the indicators today. It is a fact that the cedi has been depreciating over the past 3 months but like Nana Kwaku said it is doing so at a reduced pace relative to what used to be the case before 2017. Fact of the matter is that even the pound sterling and the euro are all bowing to the pressure of a stronger dollar today. Both the Euro and the Pound are all losing value to the Dollar. Clearly the situation of the Ghanaian Cedi would have been much worse but for prudent management of the economy. You can choose to insult me to high heavens but that won't erase the facts. NPP are better managers of the economy....Period.
MY LANDLORD ONCE TOLD ME THAT THE PUBLIC MEMORY IS SO SHORT THAT THEY EASILY FORGET AFTER THE HOT STORM HAD PASSED. EVERYONE MUST KNOW THAT THESE FOREIGN BODIES WOULD ALWAYS PRAISE A NEW GOVERNMENT IN POWER MOST ESPECIALLY THIRD WORLD COUNTRIES OR DEVELOPING COUNTRIES. THE PURPOSE IS TO MAKE THE GOVERNMENT HAPPY AND ACCEPTABLE TO THEM SO AS TO ENABLE THEM PUT IN THEIR GREEDY AND EGOISTIC AGENDA THROUGH WHEN THEY (FOREIGN BODIES) APPROACH THE GOVERNMENT. BUT SINCE THE PUBLIC MEMORY IS SO SHORT WE OFTEN FORGET OF SIMILAR ISSUES OF THE PAST. THEY WILL DECEIVE TO MESS YOU UP SO THAT THEY WILL EVENTUALLY LEAD YOU TO SITUATIONS OF CONDITIONALITIES THROUGH THEIR COUNTERPARTS OF WORLD BANK AND IMF. THE YOUNG MOSQUITO WHO WENT FLYING FOR THE FIRST TIME HEARD THE ENEMY (PEOPLE) CLAPPING THEIR HANDS IN AN ATTEMPT TO KILL HIM (MOSQUITO) BUT WHEN HE ESCAPED DEATH HE WENT BACK HOME TO F*OOLI*SHLY TELL THE MOTHER THAT EVERYONE WAS HAPPY THAT HE COULD FLY AND THEY (PEOPLE) ALL CLAPPED THEIR HANDS FOR HIM. BUT ONLY TO BE TOLD BY HIS MOTHER THAT HE (MOSQUITO) HAND ONLY ESCAPED DEATH AND NOT THAT THE PEOPLE WERE HAPPY FOR HIM. IT IS THE SAME SCENARIO WE THIRD WORLD COUNTRIES HAVE WITH THESE FOREIGN BODIES.
MR VICE PRESIDENT. ASSESSMENT OF GHANA'S ECONOMY BY ABOSSEY OKAI SPARE PART DEALERS, KENKEY SELLERS,OBRONI WEIWU, CARPENTERS,MASSONS, DRIVERS, UNEMPLOYED GRADUATE AND NURSES,UNEMPLOYED TRAINED TEACHERS
@AK I am sorry for you if you still use the old currency in your calculations, this means you are not real or move with time, Please do not portray such ignorance for our NPP people to say bad things about us. I am a business man, there is no where in this world that a currency has appreciated but rather the rate of depreciation that reduces. What these people are saying is that the rate of depreciation has slowed but not fast. That I agree but we need to shout at them that they should reduce the rate of depreciation further. It could have been 1% depreciation rather than the 7% depreciation for 8months NPP people do not get swollen heads, REDUCE THE RATE OF DEPRECIATION FURTHER
Typical Ndc f00l. Dr Bawumia once said Ndc folks do not read. It is a truism.
This guy still thinks all Ghanaians are fuuuulish. You come and meet the cedi at 4000, and today its 5000, you want us to clap for you because you think you have done well by increasing it by 1000. Are you correct in your head? One would have thought that a competent manager would by now decrease the rate of depreciation to about 3500. But to sit down for the cedi to skyrocket and use the same so called incompetent NDC administration as your yardstick means you are terribly ediotic.