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It Will Be A Catastrophe To Elect Bawumia As President

Feature Article SAMUEL ABOKYI POLITICAL ACTIVIST, KNUST
MAY 9, 2023 LISTEN
SAMUEL ABOKYI (POLITICAL ACTIVIST, KNUST)

The vice president of the Republic of Ghana, Dr. Mahamudu Bawumia has been a colossal failure, which is the reason Ghana's economy has tanked. Bawumia lacks credibility, he is not an option because he was the head of the economic management team, which led to misery, hardship, insurmountable debt, and a broken economy.

The Ghanaian economy has suffered significantly since early 2022, plunging the country into economic recession under the supervision of Dr Bawumia as head of the Economic Management Team;

Inflation rose from 13.9% in January to 37.2% in September, 2022. Fuel prices have jumped, public transport fares have increased. Likewise, water and electricity tariffs have risen.

World Bank reported that, Ghana has the highest food prices in sub-Saharan Africa.

His ineptitude has placed an embargo on public sector employment, capitation grants in arrears, high inflation and interest rates of about 45% and 40% respectively, and a domestic debt exchange program that has affected investors bonds and pension funds.

Ghana cedi is now the worst performing currency globally and currently at Ghc 12 to US$1. The nation's total debt stock has increased astronomically from Ghc 120 billion to over Ghc 600 billion. The IMF revised Ghana's projected growth rate for 2022 from 5.2% to 3.2%.

Dr Bawumia has largely mismanaged the economy and blames COVID-19 and Russia's invasion of Ukraine for the economic woes while they milked the country through COVID-19, according to the audit report.

Borrowing for consumption has led to a perpetual deficit, we thought it could be solved by introducing the e-levy but unfortunately gov't have to secure an IMF bailout after it failed to yield the expected results.

Now Bawumia's theory has bankrupted the country, Ghana has been thrust into debt distress. Debt to GDP ratio is now 105%, and the bid to stabilize the growing debt which has seen Gov't to embark on debt restructuring program has affected bond holders badly.

From 2017 to 2020, Ghana as a small country had over 120 ministers and 1,000 presidential staffers. The NPP drained the public purse by these lucrative appointments, we have Dr Bawumia who has a presidential ambition quiet over it.

Below are 20 among the many reasons why Ghanaians should not even imagine to have Bawumia at the presidency;

1. Having supervised the worst public debt build-up, debt to GDP ratio, worst interest rate, worst exchange rate, constantly rising inflation, the most expensive scandals, thievery, fiscal misconducts and unprecedented hardship Nana Addo Dankwa Akufo-Addo still wants to impose the inept Dr. Mahamudu Bawumia on Ghana to preclude John Mahama from investigating into their numerous corruption scandals. It won't be a surprise anymore to hear about any negotiations between the President and foreign investors on behalf of Bawumia to sponsor his campaign in exchange for mining concessions.

4. Under his watch, government spent GHS 21 billion on financial clean-up operation, a money which was enough to invest in those bank to stabilize their strength and empower them but they collapsed these banks instead.

5. His government has accrued the highest amount of revenue in history of over $349 million yet they have quadrupled the national debt within 6 years meanwhile they have nothing to show for.

6. The manufacturing sector in Ghana experienced a growth rate of 7.9% in 2016, but it decreased to 4.5% in 2023.

7. Dr. Mahamudu Bawumia lied to Ghanaians in order to persuade them to vote for NPP in 2016. Now that he wants to be a president, he is attempting to convince us to believe that he is not among the men that created the predicament we're all enduring and that his vision is different from the NPP’s. He purposefully criticized the E-levy policy, blamed the finance minister to the point that he denied his position as head of the Economic Management Team, making people believe that the NPP neglected his ideas, perhaps that is why Ghanaians are suffering economic hardships.

8. It was Bawumia who chaired the meeting at the Presidency, which directed that the condition precedent of a Bank Guarantee be changed into an Insurance Guarantee for PDS' takeover of the GHS20 billion assets of ECG. It was later discovered that the insurance guarantee presented by PDS under the direction of Bawumia was fraudulent thereby occasioning the state huge financial loses.

9. Theories of Dr Bawumia have put pressure on the investment community, intimidated bond holders, and bankrupted the country. They have borrowed more than would change an entire country; put the country out of business, and draining the state coffers. The repercussion is still manifesting but Bank of Ghana seems to be doing the tricks to cover govt's dishonesty by misrepresenting the real interbank rate.

Government’s incompetence has forced BoG to be intentionally reporting manufactured interbank exchange rates. BoG is keeping interbank rate low so that govt's debt per GDP would look good.

It has been noted that on 12/01/2023, while banks reported a $12.5 purchase price per dollar, BoG auctioned the dollar at $10.51 per dollar; yet on the same day it published the inter-bank rate at $9.05.

It is clearly observed that the rate at which

BoG auctions the dollar to the commercial banks, of which the Bulk Oil Distribution Companies (BDCs) are the largest beneficiaries, is far higher than what BoG publishes as interbank rates.

10. In the year 2017 Ghana recorded;
Inflation at 15.4%, debt at GHs 120 billion, debt to GDP ratio at 56%, no debt default, exchange rate at $1 to GHs 4, interest rate at 25% while in the year 2023, Ghana recorded;

Inflation at 53%, debt of GHs 600 billion, debt to GDP ratio at 104%, massive debt default with lowest ever credit ratings, exchange rate at $1 at GHs 13, interest rate 45%.

11. To sate its enormous hunger for corruption, the EMT under the leadership of Dr. M. Bawumia has engaged in egregious deliberate financial malfeasance. The current state of the economy is a clear indication of the government's incompetence, appalling performance, and desire to enrich itself at the expense of tax payers.

Under Bawumia’s watch a gross willful fiscal misconduct exhibited by Ken Ofori Atta has proven his gargantuan appetite for corruption.

The evidence of interest accrued from the state loans through DataBank which he owns speak volumes about his intent of duping the nation in lieu of fixing the economy.

12. Ghana has been made poorer under Dr Bawumia.

COCOBOD has accumulated over GH$14 billion in cocoa bills (loans), ECG owed IPPs over

GH$12 billion, almost every single State Owned-Enterprise is insolvent. The situation is scary and worrying

12. Bawumia assured to implement consistent reforms and policies to ultimately lead to job creation through prudent and sustainable economic policies but his ineptitude leaves the Ghanaian youth at an unemployment rate of over 50% per world bank report yet he was vehement to claim that the government has created 2 million jobs which was not true. After the ministry of employment came out with different figures, the Ghana statistical agency also confirmed that about 1.7 million Ghanaians are unemployed. His lying habit is a ticking time bomb.

13. Bawumia promised to ensure growth is socially diversified geographically with value addition and fair to all participants in the economy including labour but his incompetence has contributed to the shut down of businesss due to his killer taxes.

14. Bawumia pledged to enhance agricultural production and productivity along with a transformation of the economy through value-addition to our raw materials in a process of rapid industrialization but his incompetence in government makes Ghana import more finished products.

15. Bawumia vowed to increase infrastructure expenditure as a percentage of GDP to eliminate critical bottlenecks and distribute fairly and comprehensively across Ghana but his incompetence has left Ghana hitting an infrastructure deficit of GH30bn as revealed by KOA.

16. Talk is cheap indeed, Dr Bawumia should apologize for deceiving the citizens and all the lies he made people believed about His Excellency John Mahama. To me, I suggest his economics certificate should be revoked for under performing and the misleading economics lectures he taught some of the universities during his campaign in 2016.

The "falcon cannot hear the falconer" and as this spiral of damage under Bawumia continues, the younger generation will continue to lose hope in the fortunes of this nation.

17. In no time, all the gains from the DDE debt relief will be wiped off simply from the escalating costs of fresh domestic borrowing. $1 billion from the IMF this year will certainly not substitute for the $4 bn in curtailed international inflows.

18. Dr. Mahamudu Bawumia accused John Dramani Mahama of perpetuating an energy crisis, despite knowing that previous governments, including the John Kufuor’s-NPP government of 2000-08, had under-invested in the energy sector. However, President Mahama promised to fix the crisis and set a deadline of the end of 2015 to overcome it and have a surplus to export to neighboring countries. He achieved this by bringing in emergency power through independent power producers.

John Mahama bought Ameri Plant and Karpowership and constructed a massive Ghana gas project at Atuabo that produces over 650 MW of electricity daily. Ghana had an installed generation capacity of over 2,841.16 MW. Dumsor ended as far back as January 2016 and you can check from GRIDCo, his intervention raised the percentage of our people connected to the national power grid to 83.6%.

I would like Dr. Bawumia to announce their intervention in the energy sector and the number of megawatts added to the national power pool because since population growth has affected the increasing power demand.

19. While in opposition Lie-telling was Dr. Mahamudu Bawumia's specialty, he fabricated stories and made the following promises;

Fight against Galamsey, fight against corruption, Medical drones deal, Build 350 brand new SHS, One village one dam, One district one factory, $1million per constituent, Free Bank account per citizen, Protecting the public purse, No village will be without toilet, No village would be without water, Make Accra the cleanest city, Job creation, Promise to operate lean government, Zero tolerance for nepotism, Develop Ghana without borrowing, Punish corrupt government appointees, One constituency One warehouse, Hot meal and chocolate per child, Reducing electricity tariff, Reducing fuel prices, Reducing water tariff, Ghana Post GPS, Stabilize the Ghana Cedi, Reduce cost of living which none has been accomplished.

20. Dr. Bawumia lied to Ghanaians that because he has worked at Bank of Ghana before, we can develop Ghana without borrowing, the money is there.

At this point as he keeps lying, I’m convinced that he will wed another wife if he manages to become the flag bearer of the NPP just like how he left Ramatu for Samira because of proficiency.

Dr. Mahamudu Bawumia has been a disaster for Ghana's economy. It is evident that he lacks the competence and experience to lead the country as president. We cannot afford to have him at the helm of affairs, as it will only lead to more economic hardship and misery for Ghanaians.

Furthermore, his track record as head of the EMT is appalling, with the economy suffering immensely under his watch. The high inflation rate, rising fuel prices, and increased tariffs are all a result of his mismanagement of the economy.

Moreover, Dr. Bawumia's government has been riddled with corruption scandals, with billions of Ghana cedis being wasted on frivolous projects and appointments. The country's debt has skyrocketed, with little to show for it in terms of development.

I propose there should be a national lying day, offer Dr. Bawumia PhD in lies, treat his pseudologia fantastica or beg him to leave politics because posterity will suffer the repercussion. You can object it, if you think having Google verify him as the biggest liar in Ghana would just take a day.

I also suggest citizens of Ghana should be awarded a certificate of survival in 2025 for surviving Akuffo Addo- Bawumia administration.

In conclusion, it will be a catastrophe to have Dr. Mahamudu Bawumia as a president. Ghana needs a leader who can steer the country out of its current economic woes and bring about real change for its citizens. It is time for Ghanaians to reject Dr. Bawumia and choose a competent and experienced leader who can take Ghana forward, bring constructive advancement and transformation.

SAMUEL ABOKYI (POLITICAL ACTIVIST, KNUST)

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