Cedi is stronger, but cement costs more – NAPO slams NDC’s economic narrative

Dr. Matthew Opoku Prempeh, known as NAPO, is Dr. Mahamudu Bawumia's running mate for 2024. He doubts the real impact of the Ghanaian cedi's recent appreciation.

He pointed out that prices for basic goods, like cement, are still high. This makes it hard to believe the economy is improving.

In an interview with MyNewsGH, he questioned how analysts claim progress when prices rise. "What is not hard enough?" he asked. A bag of cement used to cost 90 cedis but now costs 140 cedis.

He noted that when cement was 90 cedis, the dollar was at 15 cedis. Now, with the dollar at about 11 cedis, cement prices have increased significantly. "How do you justify that?" he asked.

NAPO emphasized the need for a comprehensive view of the economy. He warned against analyzing currency movements in isolation from their real-world effects. "You have to look at it in total," he said.

Regarding revenue expectations, NAPO mentioned that the Finance Minister based projections on a dollar rate of 15 cedis. Although the dollar has depreciated since then, this does not mean proportional gains for the state.

"He did all his revenue projections based upon that," NAPO stated. "Now he seems to have ripped dollars but wouldn’t get equivalency in cedis."