When you promised so much and badly mismanaged the economy, appalling results would expose you

During the Economic Lectures of Dr. Bawumia in the run up to the 2016 General elections, he made a re-echoing statement then that ‘when the fundamentals of the economy are weak, the exchange rate will expose you’. He premised his assessment then on the ailing economic situation of our country under the erstwhile Mahama’s regime.

As if that was not enough, we were told by Dr. Bawumia that he and his Economic Management Team (EMT) ‘arrested’ the cedi which was under the eagle-eye watch of the former Inspector-General of Police (IGP), COP David Asante-Apeatu during the 100 days of this NPP government in office in 2017. Since then, the cedi unfortunately ‘broke jail’. Dr. Vice President, this shows that governance is a daunting task and should not be trivialised in speeches.

Little did Dr. Bawumia know then that when you promised so much and badly mismanaged the economy, appalling results would expose you instead! That is exactly what we are all witnessing right now under Dr. Bawumia’s watch as the Chairman of the EMT.

The mouth-watering campaign promises of the NPP Party then in Opposition won them power finally in 2016 General elections, but the unfulfilled and poorly implemented projects such as 1Village1Dam, 1District1Factory, 1Million1Constituency, etc. interspersed with choking corruption scandals under the Akufo-Addo-Bawumia-led regime are attributable to the NPP’s unpopularity and inability to turn things around.

The Vice President Dr. Bawumia was in his best ‘economic version’ in 2016 when he called the former President John-Dramani Mahama an incompetent leader for borrowing too much, mismanaging the economy, etc.

He even alleged that the money needed to develop Ghana was ‘sitting at the top and not coming down’ and he knew what he was talking about because he was the deputy Governor of Ghana then. He promised among others that the Akufo-Addo’s government with his supporting role as Vice President would turn the economy of Ghana around. However, looking at the current economic management under this Akufo-Addo-Bawumia-led regime, Dr. Bawumia has been badly exposed as the EMT Chairman.

While the Finance Minister, Ken Ofori-Atta has been telling Ghanaians that the ailing economy was ‘turning the corner’ after the IMF bailout of $3 billion External Credit Facility, Dr. Bawumia isn’t telling us who is in the driving seat. Is it he himself in charge as the EMT chairman or Ken Ofori-Atta being the driver of the national economy?

Mr. Vice President, the micro- and macro-economic indicators are so bad now despite the passage of e-levy and introduction of more taxes which this Akufo-Addo-Bawumia-led regime strongly accused during the erstwhile NDC government.

For instance, Ghana is witnessing high unemployment rate, exchange rate of about GHC12 per $1, debt to GDP ratio of about 102%, public debt at almost GH¢600 billion, over 30% of interbank interest rate, 23% inflation rate, as well as default in debt servicing and payment of tier 1 & 2 under this Akufo-Addo-Bawumia-led regime.

These poor economic indicators have things even worsened the general living conditions of Ghanaians under this governing NPP Party. This is sharp contrast to what this governing NPP government promised Ghanaians when they were seeking to govern Ghana again more than 7 years ago.

Ghanaians were expecting the Vice President to walk his talk as soon as he and his boss, President Akufo-Addo were given the mandate in 2016.

Curiously, the Vice President rather wants to be known for ‘digitalization’ instead of the ‘Economic Strategist’.

There is an adage that he who lives by the sword will die by the same sword. In my opinion, Dr. Bawumia mesmerized Ghanaians by his own words on how to better run Ghana’s economy and he is now being discredited by his own words as Ghanaians are gearing up for the upcoming vitally crucial General elections this year.

It is baffling to say the least how Dr. Bawumia wants Ghanaians to trust that he has what it takes to clean the gargantuan economic mess created by his good self and the outgoing President Akufo-Addo on 6^th January 2025.

I am more than tempted to believe that Ghana rather wants a sincere, selfless, and highly experienced leader to clean the economic mess created by actions or inactions of the EMT of which Dr. Mahamudu Bawumia leads.

To conclude, since I have no concrete scientific data to disapprove Dr. Bawumia’s assertion that the exchange rate will expose weak fundamentals of Ghana’s economy, I propose that the mouth-watering promises of this NPP government coupled with their mismanaged economy has exposed the ailing fundamentals under the direct watch of the chairman of the EMT, Dr. Bawumia.

Ghanaians are the better Judges as we decide on the Presidential ambition of Dr. Mahamudu Bawumia and that of the former President Mahama who has proven to be a selfless, trustworthy, visionary, and experienced leader and poised for the topmost job again.

   Comments1