He said since then, the cedi has depreciated to the dollar from GH¢4 to a whopping GH¢15 as witnessed recently.

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"When your fundamentals are weak, the exchange rate will expose you. When you were making that statement, the exchange was GH¢4.20p. On Friday, it was GH¢15.00 to a dollar.

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"What message do you want to give to Ghanaians again? Let me tell you; I’m telling you this straight; I’m saying all these things because of [something]…from March this year to August this year, through the exchange rate, I lost $12 million," Kennedy Agyapong said in a viral audio in GhanaWeb's possession.

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Kennedy Agyapong is one of the leading figures gunning to replace president Nana Addo Dankwa Akufo-Addo as leader of the NPP going into the 2024 General Elections.

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Others rumoured to be interested in becoming flagbearers include Vice President Mahamudu Bawumia, Trade and Industry Minister Alan Kyerematen. The primaries are slated for next year.

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Ken Agyapong takes on Bawumia over 'fundamentals are weak' comment

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Assin Central MP Kennedy Ohene Agyapong has stated that between March and August 2022, he lost roughly $12 million due to the cedi's fall against the dollar.

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He claims that the vice president has no new message for Ghanaians after criticizing the John Dramani Mahama administration in 2014 and saying that "if the foundations are weak, the exchange rate will expose you."

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Agyapong said that when Dr. Bawumia made those remarks, the exchange rate was GH4.20p to a dollar. He was addressing to select party members as part of his campaign for flagbearership of the ruling New Patriotic Party (NPP).

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