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Economist Scott Bolshevik Applauds Cedi Management Under Presidents Kufuor and Mills
Nov 18, 2024
According to Ghana web, Financial analyst and economist Scott Bolshevik has praised the economic policies of Ghana's former Presidents John Agyekum Kufuor and the late Professor John Evans Atta Mills, particularly their efforts in stabilizing the Ghanaian cedi. In a recent post on X (formerly Twitter), Bolshevik highlighted the notable achievements of both leaders in navigating the currency through challenging economic climates.
"Both Kufuor and Mills demonstrated commendable stewardship in managing the cedi," Bolshevik wrote. However, he singled out Mills’ tenure as particularly remarkable. According to Bolshevik, under Kufuor's administration, the cedi faced global economic pressures but remained relatively stable. During Mills' presidency, the cedi experienced only a 34.2% depreciation over four years, moving from 1.4 to 1.88 cedi to the dollar—a feat he described as exceptional given the turbulent global economic environment at the time.
“Mills excelled in managing the cedi,” he stated, further crediting the late president’s leadership for its incorruptible nature and disciplined fiscal policies. Bolshevik noted that Mills prioritized sustainable financing, avoiding heavy reliance on Eurobond issuance and instead adopting cautious borrowing practices to support national development.
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