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Vice President Dr. Mahamudu Bawumia has praised the Ministry of Finance and the Bank of Ghana (BoG) for working seriously to keep the cedi afloat despite the Covid-19 pandemic.
Dr Bawumia, in his speech to some private school teachers and members of the informal sector at Abossey Okai in the Central Ablekuma constituency, as part of his tour of the Greater Accra region, revealed that the currency has depreciated only 2%.
This therefore removes the depreciation of the currency from the forefront of political discourse even though the country is in an election year.
“So far this year, the cedi has only depreciated only two percent and that is why you don’t hear much about the depreciation. And we thank the Bank of Ghana and the Ministry of Finance for that, ”he said.
The Head of the Economic Management team noted that the control policies introduced by the Government Bank and the Ministry of Finance have contributed enormously to what he described as a “very splendid result.”
While promoting the government’s decision to clean up the financial sector, Dr. Bawumia said that the initiative has completely changed the sector for the better, as the country constantly registers a downward trend in interest rates, the depreciation of the rate of change and inflation.
Furthermore, it revealed that the Akufo-Addo administration has so far paid the clients of the collapsed financial institutions an amount of GH ₵ 21 billion.
Addressing the concerns of private school teachers, Dr. Bawumia said the government is studying how to protect teachers whose lives have been negatively affected by the coronavirus pandemic.