Aboagye: Cedi Would Be Far Worse Under NDC Leadership

Dennis Miracles Aboagye, the Communications Director for Dr. Mahamudu Bawumia, has claimed that the exchange rate would have been significantly worse if the National Democratic Congress (NDC) were in power.

According to Aboagye, the New Patriotic Party (NPP) has managed the cedi-to-dollar rate well despite facing many challenges.

Aboagye argued that under the NDC’s management in 2014, the cedi depreciated sharply from 1.2 to 3.9 cedis per dollar.

He believes that if the NDC were in charge today, the exchange rate would have skyrocketed to 25 cedis per dollar.

He emphasized that current global issues like COVID-19, the Ukraine-Russia conflict, and economic problems in Asia have heavily impacted Ghana’s economy.

Aboagye questioned what specific issues caused the cedi’s significant fall in 2014, implying that there were no major global crises then to justify the depreciation.

The cedi-to-dollar rate has been consistently rising and is currently over 14 cedis to the US dollar. Some financial analysts predict it could reach between 16 and 18 cedis to the dollar soon.

Aboagye has a background in sales and marketing, with over a decade of experience in consumer goods and financial services.

He has also worked in the pension industry, progressing from a client relations executive to a unit head.

Additionally, he served as the Eastern Regional Director of the Youth Enterprises and Skills Development Centre (YESDEC), a World Bank-funded project aimed at job creation.