The National Communications Officer of the National Democratic Congress, (NDC) has wondered what answers Vice President Dr. Mahamudu Bawumia has for the rising inflation and cedi depreciation.
Mr. Sammy Gyamfi said Dr Bawumia’s silence on the issue is surprising.
According to him, he cannot fathom why the head of the government’s Economic Management Team, who was hailed by his party (New Patriotic Party) as an “economic messiah” has kept mute over the situation.
In a tweet on Monday, October 17, he asked Ghanaians to help look for Dr Bawumia.
A gallon of diesel is selling at GHS72, while the dollar is selling at GHS12.5. Cost of living keeps soaring but the braggadocious talkative and chairman of the EMT @MBawumia who was once projected as the answer to all our economic woes has gone awol. Will things ever get better? pic.twitter.com/tDOuOaqfoN
— Sammy Gyamfi (@SammyGyamfi_) October 17, 2022
“A gallon of diesel is selling at GHS72, while the dollar is selling at GHS12.5. Cost of living keeps soaring but the braggadocious talkative and chairman of the EMT @MBawumia who was once projected as the answer to all our economic woes has gone awol. Will things ever get better?,” he quizzed.
On the same issue, a presidential staffer in the former John Mahama administration has said Dr. Bawumia has fallen from an exaggerated platform of perceived competence.
Stan Dogbe said the Vice President is “simply not fit for purpose.”
According to the broadcaster, Dr. Bawumia has failed to live up to expectations.
In a social media post on Friday, October 14, Mr. Dogbe insisted that Dr. Bawumia’s sole aim for speeches is for “political connections” and not real economics.
“Vice President Dr. Mahamadu Bawumia has fallen massively from an exaggerated platform of perceived competence to the low level he actually belongs. The man is simply not fit for purpose.
“In fact, the man exposes what is a clear difference between thoughtful competence, grounded in a mastery of analytical prowess and baseless loudness, that is designed only for quick returns,” he said.
His disappointment in the Vice President has to do with the continuous depreciation of the cedi and the poor state of the economy.
The cedi passed the GH¢12 to the dollar mark on Friday, selling at GH¢12.10 at most forex bureaus or the retail market.
This development comes within a week after the cedi earlier depreciated against the dollar.
A visit by Joy Business to some forex bureaus indicates that most of the operators are selling the dollar for more than GH¢12. They claim the supply of dollars has reduced significantly.
Again, the cedi is losing ground quickly against the pound and euro. Whilst a pound is going for about GH¢12.70, one euro is selling at GH¢11.10.
Within a week (from October 10 – October 14), the local currency has lost more than 6% value to the dollar. This means the year-to-date depreciation of the cedi is hovering around 46%.
By this rate of depreciation, the working capital of businesses, particularly manufacturers that depend on raw materials from overseas, has gone down by about 46% since January 1, 2022.
Meanwhile, scores of Ghanaians have taken to social media to bemoan the situation; urging the government to take urgent steps to address the consistent depreciation of the country’s currency.