Bawumia’s Tweet Exposes Nana Addo Big Time; Read Details

Bawumia’s Tweet Exposes Nana Addo Big Time; Read Details. His Excellency, Nana Addo Dankwa Akuffo Addo has addressed the nation on the economy. The President addressed the issue of the persistent depreciation of the cedi against the dollar over the past few months. President Nana Addo asserted that one cause of the depreciation of the cedi is the problem of speculation. Speculation here means some people are rushing to exchange their cedi currency for the dollar for some reason.

“The recent turbulence on the financial markets was caused by low inflows of foreign exchange and was made worse in the last two to three weeks. In particular, by the activities of speculators and the Black Market…All of us can play a part in helping to strengthen the cedi by having confidence in the currency, and avoiding speculation.”

Bawumia’s Tweet Exposes Nana Addo Big Time; Read Details

The Vice President and Head of the Economic Management Team, Vice President Dr. Mahamudu Bawumia, disagrees with the President, in principle, about the relationship between speculation and currency depreciation. This principle of Dr. Mahamudu Bawumia was expressed in a tweet on 5th March 2012. He was then addressing the then President, John Dramani Mahama. And it will be fair to apply that same principle to President Nana Addo.

“The government is blaming speculators for the fall in the cedi instead of tackling its depreciation”

This begs the question of whether Nana Addo employed. Bawumia’s expertise when drafting or writing this speech.

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SEE ALSO: LIVESTREAMED: Akufo-Addo speaks on the economy