There has been an attempt by some NDC members and their associates to question the performance of the cedi under the NPP today due to the digital lecture by Dr. Bawumia and using the 2014 video of Dr Bawumia.

We examine the facts

What did Dr Bawumia say in 2014 at Central University?

Answer: He said that if the fundamentals are weak, the forex will expose you.

What was the rate of depreciation of the cedi in 2014 when Dr Bawumia spoke?

Answer: Cedi Depreciation Rate for *2014* was 31%

In 2019, Dr Bawumia at the College of Physicians defended his 2014 analysis and declared that the cedi had performed better than it did under the NDC. What was the rate of depreciation in 2019?

Answer: Cedi Depreciation Rate for 2019 was 12.9%

In 2020, which was an election year, many analysts had predicted a massive depreciation of the cedi, including Kwesi Pratt. How did 2020 end with the cedi depreciation?

Answer: Cedi Depreciation Rate for 2020 was 3.9%.

But wait a minute. Let’s take a look at the averages since 1992.

Average annual exchange rate depreciation of the cedi

1993 – 1996 – 27.9%

1997-2000 – 25.19%

2001-2004 –11.04%

2005- 2008 –6. 77%

2009- 2012 – 10.1%

2013-2016 – 18%

2017-2020 — 7.3%

2021 – YTD – 2.38% at the end of October.

Cedi is still on course to have the lowest annual depreciation since 1992 despite the global crisis.

Verdict: Dr Bawumia was right in 2014 and has been right since 2017. The cedi has seen prudent management under NPP than NDC.