Vice President Dr. Mahamudu Bawumia received criticism from Isaac Adongo, the member of parliament for Bolgatanga Central, for his handling of the economy.
“The reality we left for you was very strong at 9%, and the following year, when you took over in 2017, it went further down to 6.4%. But when you could now sit properly, the thing (cedi) started shooting up to the extent that by 2019, you doing double-digit 13% of depreciation. Was there COVID?” he stated.
According to Isaac, the MP for Bolga Central, Vice President Dr. Mahamudu Bawumia is the first economic team leader to incur a debt of more than GH400 million for Ghana.
He thinks the current administration has handled the economy poorly.
Adongo said that the vice president is the sole economic manager to have led Ghana into debt crisis when discussing the situation of the economy at the time.
“The reality we left for you was very strong at 9% and the following year, when you took over in 2017 it went further down to 6.4%. But when you could now sit properly, the thing(cedi) started shooting up to the extent that by 2019 you doing double-digit 13% of depreciation. Was there COVID?”
“So, with what I have explained, is it not clear that currency depreciation is more than the fundamentals of the economy? It is not the interest rate, it is not inflation, it is not GDP. There are exogenous variables that you may not have control over and if you don’t have enough buffers then you have a challenge.” he included.
The Vice President said that even though the nation is now facing many fiscal issues, the fundamentals are still robust during a public talk on the condition of the economy last week.
The MP says that this is not a possibility.
“you are owing 400million and you are saying your fundamentals are strong. When you owe somebody, your fundamental is your ability to pay, we don’t use inflation to pay debt, we don’t use NABCO to pay debt, we don’t use restoration of nursing training allowances to pay debt? Dr. Bawumia, investors are not interested in semantics.” he disclosed.
He goes on to brag about the accomplishments of the previous administration, claiming that former President Mahama’s work was unmatched by any other administration.
“There are the most incompetent group of government that have ever been visited on our country,” he said.