Speak to your ‘weak fundamentals’ theory; Suhuyini fights Bawumia’s ‘lengthy post’

Source: Ghana| Myjoyonline.com| Oswald K Azumah| oswald.azumah@myjoyonline.com
Date: 18th-june-2018 Time:  12:46:13 pm

Share this story:

Minority Member of Parliament, Alhassan Suhuyini, has called the bluff of the Vice President’s explanation on the cedi’s depreciation.

Mr Suhuyini said Dr Mahamudu Bawumia should accept that he wrongfully criticized the previous government instead of beating around the bush.

The then Vice Presidential candidate of the New Patriotic Party (NPP) accused the John Mahama government as having weak fundamentals for which reason the cedi was depreciating drastically against the US dollar.

“You can engage in all the propaganda you want but if the fundamentals are weak, the exchange rate will expose you,” he said.

Following the recent depreciation of the cedi, former President John Mahama took to social media to post the video of Bawumia’s comments with the caption “Weak fundamentals?”

But in a quick response, the Vice President, who is praised by members of his party for being a great economist, attacked Mr Mahama, describing him as “lacking understanding” of the issues.

He then gave a detailed explanation, citing how the cedi depreciated in the 8-year term of the National Democratic Congress (NDC) more than any other government.

“…however, in the 8 years rule of both Presidents Mills and Mahama (NDC) from 2009 to 2016 the Cedi depreciated by 247%, moving from GHc1.2 to GHc4.2. Such higher rate of depreciation in less than a decade is simply unacceptable and signifies high levels of incompetence,” his post said in part.

Image may contain: 6 people, people smiling

He added that the cedi has seen the slowest depreciating rate ever under the Akufo-Addo-led government.

But questioning his explanation on the AM Show on Joy News TV Monday, the Tamale North MP, said the Vice President is just “playing to the gallery”.

“He propounded a theory that if the cedi depreciates it means the fundamentals are weak so he should speak to that,” the NDC MP jabbed.

He urged Dr Bawumia and the government to come out and say that they were wrong to accuse the previous government.

“[If the currency depreciates], it doesn’t necessarily mean your fundamentals are weak, they should just accept it,” Suhuyini said.

Majority Member of Parliament, George Andah who was also on the show replied his colleague that the government should be appreciated for what it has done and that the official figures from the Bank of Ghana show that the economy is not weak.

AM Monday

George Andah

He listed some of the government’s achievements including reduction of electricity tariffs, paying of registration fees for Basic Education Certificate Examination among others.

“The former President put out some information and the Vice President came to correct them, that’s the fact,” Mr Andah stated.

Decrease in inflation

The Tamale North MP also played down the decrease in inflation stating that according to Dr Bawumia when he was in opposition, none of those variables matter if they don’t reflect on prices.  

“Our conditions improve that’s why he was elected,” he said.

  What others are reading

  More in this section