In a bold and confrontational move, former President John Dramani Mahama has directed five pivotal questions at Vice President Dr. Mahamudu Bawumia, scrutinizing his leadership in managing Ghana’s economy. These pointed questions highlight significant economic issues that have emerged under Bawumia’s tenure as the head of the Economic Management Team (EMT).
- Currency Depreciation: Mahama questions why the Ghanaian cedi has deteriorated drastically in value, from GHC 4 to USD 1 in 2016 to almost GHC 17 to USD 1 today. This sharp decline has raised concerns about the stability and strength of the national currency.
- Public Debt Increase: Under Bawumia’s watch, Ghana’s public debt has ballooned from GHC 120 billion in 2016 to an alarming GHC 763 billion in 2024. Mahama highlights this steep rise, questioning the fiscal policies and strategies implemented by the EMT.
- Rising Inflation: Mahama draws attention to the soaring inflation rates, which have reached the highest levels in the Fourth Republic, peaking at 54%. This inflation surge has profoundly impacted Ghanaians’ cost of living and economic well-being.
- Borrowing from the Bank of Ghana: The former president also questioned the rationale behind borrowing more than GHC 42 billion from the Bank of Ghana, which led to the Central Bank posting its heaviest loss of GHC 60 billion. This move has sparked debates about the sustainability and prudence of such financial decisions.
- Absence of Economic Lectures: Finally, Mahama addresses Bawumia’s noticeable absence from lectures on the economy, a practice once the hallmark of his tenure. The disappearance of the word “economy” from his lexicon raises questions about transparency and accountability in addressing the nation’s economic challenges.
These questions are critical as Ghana grapples with significant economic difficulties. Mahama’s pointed inquiries demand clear and comprehensive answers from Bawumia, urging greater transparency and accountability in governance.
As the nation awaits responses, these questions are a stark reminder of the pressing economic issues that must be addressed to ensure Ghana’s stable and prosperous future. The discourse sparked by Mahama’s challenge underscores the importance of robust financial management and the need for leaders to be held accountable for their decisions and actions.
The ball is now in Bawumia’s court to address these concerns and provide the Ghanaian public with the clarity and direction needed to navigate these turbulent economic times.
We at Sankofaonline.com can confidently predict Dr. Bawumia’s response to these pressing questions: silence. Despite the gravity of the issues raised, it seems unlikely that he will provide any substantial answers or address the concerns head-on. This anticipated lack of response speaks volumes about Ghana’s current state of economic management and accountability. It leaves the public questioning the transparency and effectiveness of the leadership at the helm of the Economic Management Team.
To be blunt, Dr. Bawumia no longer possesses the qualifications to lead an economic team, let alone be president of Ghana. His tenure has been marked by significant missteps and ineffective strategies, leading to our current financial challenges. The drastic depreciation of the cedi, the ballooning public debt, and the soaring inflation rates indicate his inability to steer the economy in the right direction. It’s time for a change in leadership, one that can bring fresh perspectives and innovative solutions to restore stability and growth.
Source : Sankofaonline.com
