- Tweeps roast Bawumia over dollar to cedi exchange rates because GHC8 gives a dollar.
- Today’s present foreign exchange values suggest that the Ghanaian Cedis continue to depreciate against the US Dollar.
- Times are undoubtedly hard, and the Ghanaian community on Twitter has not spared Ghana’s touted economic messiah.
- The Vice President, Dr. Mahammudu Bawumia, who happens to chair Ghana’s Economic Management Team upon assumption of his high office, made several promises to save Ghana’s ailing economy during the erstwhile Mahama’s administration.
- Therefore, it is logical to concur with tweeps that he deserves to be blamed.
Tweeps today have roasted Dr. Bawumia, Vice President of the Republic of Ghana over the latest cedi to dollar foreign exchange rates.
The Ghanaian cedi still continues to suffer tremendous blows from the American Dollar and other hard currencies such as the Euro and Pounds. At this very moment, the country is choked on a shaky economy, this is no welcome news to Ghanaians on all fronts.
Some social media citizens on Twitter have once again questioned the intelligence of the Economic Management Team led by the able Vice President, Dr. Bawumia. According to some, it seems the government is very insensitive to the growing plights of Ghanaians, neither are they working to resolve the continuous depreciation of our currency.
Why tweeps are hard on Dr. Bawumia?
It is no shock Ghanaians drag the Vice President by the neck always, seeking answers to the country’s economic risks. The people have known him to be an astute and accomplished economist. So his coming into office meant at least some economic deficiencies would be solved, including the everyday falling cedi.
The Cedi lost its value gradually and significantly during the Mills administration. When Mahama assumed office, Ghanaians could no longer endure the situation and sought alternatives.
It was then that Dr. Bawumia, who was the running mate of Nana Akuffo-Addo became the people’s favorite. In their electioneering campaigns, Bawumia suggested the NDC had weak elementary economics fundamentals. This, he attributed to Mahama’s failure to rescue the cedi.
One thing was clear about Bawumia, he was poised to arrest the dollar and rescue the cedi. “It is now disappointing to the many floating Ghanaian voters that the sloganeers and juicy campaign messages have fallen flat,” one netizen remarked.
The exchange rate of the US Dollar to the Ghanaian Cedi on December 31, 2012, was 1.9062GHS. When Mahama left office, the Cedi stood at 4.26GHS.
Dr. Bawumia having inherited a US Dollar to Cedi of 4.24GHS in 2017, the exchange rate today stands at a sad 8.02GHS.
In disbelief, one tweep had nothing more than to say, “cheers from Bawumia”.
Check out some reactions from the bird app:
@jojoarhin: Charley upon all the dollar lectures, Bawumia still no fit catch the dollar? If ebi easy do am”, he chided.
@aqcosua: “Good morning Bawumia, how is the family sir”.
@KayPoissonOne: “Why should I go to the same hell as Nana Addo and Bawumia,” he quizzed.
@General_akrant: “The dollar catch and expose am”.
@mingle_tweets: “He shaa pass.”
Cedi end-year depreciation projection fails
In January this year, the Center for Economics, Finance and Inequality Studies projected the Ghanaian cedi to end the year at GHC 7.03.
According to the center, it said the forecast was 99% accurate and therefore recommended several measures to the Central Bank to cushion Ghanaians.
We just started the last month of the first half of the year, and our currency stands at GHS8.02, which is far away from the forecast.
Tweeps roast Bawumia over cedi to dollar exchange rates
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