The Minister for Government Communications, Felix Kwakye Ofosu, has accused former Vice President Dr Mahamudu Bawumia of contradicting his earlier position on exchange rate stability following his criticism of the Mahama government’s economic management.
Mr Kwakye Ofosu argued that Dr Bawumia, the New Patriotic Party (NPP) flagbearer, previously described exchange rate stability as a key indicator of economic performance but is now downplaying its importance under the National Democratic Congress (NDC) government.
His comments follow Dr Bawumia’s assessment of the economy, in which he argued that declining inflation and a stronger cedi have not provided sufficient relief to households struggling with the cost of living.
Also read: NDC keeps Zakaria Abdulai in Juaben race pending ‘sexual misconduct’ Investigations
The former Vice President described the situation as a “paper economy” and a “pocket economy”, arguing that improvements in headline economic indicators have yet to translate into meaningful relief for ordinary Ghanaians.
Speaking in an interview with Umaru Sanda Amadu on Citi FM’s Eyewitness News on Monday, October 19, Mr Kwakye Ofosu challenged Dr Bawumia to reconcile his current position with his previous statements on the exchange rate.
“Today, Bawumia says that stability is not important. I can send you about three different clips of him before the 2024 elections in which he stoutly defended stability,” he said.
He further questioned whether the NPP flagbearer has changed his position on the importance of the exchange rate to Ghana’s economy.
“Was he not the one who told us that the most important indicator in an economy like ours is the exchange rate? Was he not the one who told us this in 2014?” Mr Kwakye Ofosu asked.
The government spokesperson also rejected Dr Bawumia’s assessment of the economy, insisting that key economic indicators have improved under President John Dramani Mahama’s administration.
“The truth is that every single measure of economic performance today is better than he left it,” he said.
Mr Kwakye Ofosu, however, acknowledged that the government still has more work to do to improve economic conditions.
“Of course, it can always get better. There is no dispute about that, and we will continue to work assiduously as a government to ensure that things get better than they are today,” he added.