Head of the legal team of the National Democratic Congress, Edudzi Tamekloe has stated that the Economic Management Team took temporary and ineffectual actions that have affected the economy negatively.
He expressed that Dr. Mahamudu Bawumia, Vice President as the head of the Economic Management Team implemented short term, unsustainable policies that has a brought a detrimental impact on the economy.
“You’ll notice that when this administration came, what they decided to do is to use the Euro bonds to create an artificial strength for the Ghana cedi. So, by April 2017, they had gone in for the Franklin-Templeton bond of 2.25 billion dollars. Then in 2018 up to 2021, within the space of five years, they had done 11 billion dollars of Euro bond. So, what effectively they were doing was to use Euro bond to create an artificial strength. So effectively the Ghana cedi from 2017 to 2021 was given what they call performance enhancing drug. The Ghana Cedi was on life support.” he mentioned.
Speaking on TV3’s New Day on 8th April 2024, he said that the cedi’s rapid and dramatic loss of value was caused by its prior years’ reliance on Eurobonds.
“Consistently, they were doing 2 billion dollars averagely every year then in 2022, the rating agencies downgraded Ghana. Immediately upon the downgrade was when the cedi now had to face its true strength. We went to 15cedi to a dollar, that was the true strength of the Ghana cedi,” Edudzi explained.
He further stated that Dr Bawumia and his team owe Ghana an apology for the economic damage that has resulted from their incorrect choices.
“In times of this nature, Dr. Bawumia and his so-called Economic Management Team would demonstrate humility and say we are sorry, we have destroyed the economy. He should apologize to the people of this country for how he has mismanaged this economy in the most reckless manner” he added.