Mahama’s five economics questions: These are difficult times for Bawumia

Accuracy is the twin brother of honesty; inaccuracy, of dishonesty. Watch every detail that affects the accuracy of your work. Timing and accuracy is really what matters at the end of the day. Fast is fine, but accuracy is everything.

Former President John Dramani Mahama, National Democratic Congress (NDC) presidential candidate for Election 2024, has chosen the most appropriate time to pose some five precinct questions to the Vice President and New Patriotic Party (NPP) presidential candidate, Dr. Mahamudu Bawumia. This is the perfect description of accuracy and precision on the part of Mr. Mahama.

However, unsurprisingly, Dr. Bawumia has resorted to his old tricks of evading facts and presenting fictions. He has conveniently avoided the 5 economic questions and responded with some obnoxious 50 comments which he calls questions. You see, Dr. Bawumia cannot stand an academic debate based on practical. If he was really an economics who could link theory to practice, he would have meticulously and pedantically answered those 5 simple questions with both economics theories and practical examples.

However, an unrelenting and unflinching Mahama came back with a more and fierce clap back, urging Bawumia to stick to the economy and answer those 5 simple economic questions, because those were the concerns of the ordinary Ghanaian, Mr. Mahama went down the memory lane and quoted a popular American saying during the 1992 elections in the US “It is about the economy: Stupid!”

As I watch this back and forth between the two leading candidates, it is obvious that, Dr. Bawumia and his camp are extremely uncomfortable with the current events. It must be a very difficult moment for Dr, Bawumia, because the mention of economy sends shivers down his spine. Nana Ohene Ntow has recently stated that, Dr. Bawumia always run away at the mention of the word “economy”.

Prior to the 2016 elections, Dr. Bawumia dominated the media landscape, propounding his rehearsed economics theories. He conveniently asked the then Vice President, late Paa Kwesi Amissah-Arthur 170 questions regarding the economy.

“You can engage in all the propaganda you want, but if the fundamentals are weak, the exchange rate will expose you” (Dr. Bawumia).

At the time he made this pronouncement, the exchange rate was USD1 to GHC4 under the Presidency of John Dramani Mahama. John Mahama and late president John Evans Atta Mills came to power when the exchange rate was USD1 to GHC2 and it depreciated to USD1 to GHC3.60 by 2016, in simple terms that is 200% depreciation, yet their performances were condemned as ciphers of incompetence.

Dr. Bawumia delivered series of economic lectures where he espoused his knowledge of economic theories, and how he would use same to turn things around.

On 25th May 2014, Dr. Bawumia delivered a lecture at the Central University College, the title of the lecture was “How to restore the value of the cedi” at the time USD1 was GHC3.60. Dr. Bawumia uploaded the lecture on twitter (now X) and referred former president Mahama to go and learn from his uploaded lecture how restore the value of the cedi.

He promised to restore the value of the cedi and the general conviction amongst Ghanaians was that, the economics Messiah had arrived. His wife Mrs. Samira Bawumia stated that “my husband is an economic wizkid”. Eventually, the NPP was voted into power.

Almost eight years after being in the helms of affairs as head of the Economic Management Team (EMT), the Ghanaian currency has depreciated beyond believe. Currently USD1 is equal to GHC17 this is almost 400% depreciation in simple terms, under the economic management of the economic Messiah. Mr. Vice President, are the fundamentals strong or weak?

Isn’t it an irony that, the Cedi depreciated 200% under Mahama and Mills but depreciated 400% under Dr. Bawumia’s watch as head of the EMT?

The saddest part of this unfolding episode is that, the man who was selected to partner Akufo-Addo due to his economic mastery has deliberately and disingenuously stopped talking about the economy.

In view of the above, it was great to hear Mr. Mahama pose these five succinct but precinct questions to the self-acclaimed economics guru.

Mahama wants Bawumia to answer the questions just as he once demanded answers to 170 statements and claims from then-Vice President Paa Kwesi Amissah-Arthur.

Speaking during his tour of the Northern Region, John Mahama rightly pointed out that, the self-acclaimed economics guru has shifted focus from his economic lectures to pursuing an already existing and inevitable phenomenon called digitalisation, and this shift, according to him, indicates a neglect of pressing economic issues that need addressing. Mr. Mahama couldn’t have said it any better.

According to John Mahama, Dr Bawumia was very vocal about economic issues, including doing “gbegbegbegbe about the economy,” however, “today he can’t mention ‘economy’, it is not in his vocabulary. Anytime he opens his mouth ‘digitalisation.”

Mr. Mahama has consequently posed the following questions for Bawumia.

1. Why is the exchange rate GH¢17 to $1?
2. Why has Ghana’s debt risen from GH¢120 billion to GH¢767 billion in eight years?

3. Why is inflation where it is, why did it rise to 54 per cent under your administration for eight years?

4. Why did you borrow GH¢42 billion from the Bank of Ghana and cause the Central Bank to post its heaviest loss of GH¢60 billion?

5. Why have you run away from giving lectures on the economy?

Dr. Bawumia must answer these questions, he should not ignore them, he should not throw a jab, and we just need answers to these questions. Currently nothing is working in this country, local businesses are collapsing, foreign companies are relocating to neighbouring countries, unemployment is 15%, inflation and 25% exchange rate is skyrocketing all due to the mismanagement of the economy under the watch of Bawumia as head of the EMT.