Dr. Gideon Boako, Economic Adviser to Vice President of Ghana, has launched a scathing attack on Member of Parliament for Bolga Central Albert Adongo describing him someone who knows next to nothing in Economics and such unfit to question the Vice President’s economics prowess.
The MP has attributed the under subscription of the $2.5billion energy bond to vice president Dr. Mahamudu Bawumia’s lack of understanding of basic economics.
Government failed to meet its target for the first tranche of the bond after a second attempt.
Managers of the Energy Sector Levies Act (ESLA) who have been given the mandate by Government to issue the bond, were seeking to raise GHS6billion under the two separate bonds. But it accrued a total of GHS4.6 billion after it closed the auction last Friday.
The 7-year bond received the targeted GHS2.4 billion while the 10-year bond accrued about GHS2.2 billion, below the target of GHS3.6 billion.
The managers also accepted an interest rate of 19.5% for the 10-year bond. Proceeds of the bond are to be used to clear debts in the energy sector, which as at December 2016, was $2.5 billion.
Hon. Adongo said the under subscription of the $2.5billion bond has blemished the economic credentials of vice President Dr. Bawumia.
“This government is so ignorant and arrogant and the level of arrogance is so amazing especially when Dr. Bawumia can speak so eloquently and confuse everybody. But the reality is that he propounds nothing other than empty economic theories,” said the Bolga Central legislator.
He continued: “He is the head of the economic management team. He is the one who was leading this process. In fact, the Ministry of Finance is the biggest economic Ministry under him and at the end, this is where he ended us. All the plenty big talk…the big English of Dr. Bawumia, now the very simple things he cannot do. He is straying into things…those he has learnt for 20 years he can’t do them and those he has never learnt they are the ones he is now doing [the digital addressing system].”
But speaking to Fiifi Banson on Anopa Kasapa on Kasapa FM Thursday, Dr Boako said he feels ashamed when he hears the loquacious MP [Adongo] publicly advancing such empty economic arguments when he knows next to nothing in economics.
“Sometimes I feel sad for the Minority when they openly display such crass ignorance without shame. You don’t make infantile economic arguments in an attempt to discredit the Vice President simply because Dr Kwesi Botchway report says he caused the NDC’s defeat in the 2016 election. Even if they understand what they’re saying and had facts to back their assertions I wouldn’t have had any problems with them.”
He continued: “Somebody like Hon. Adongo, he’s now doing his MBA and not even in Economics, Hon. Ato Forson, he’s not even done with his Master’s thesis and they have the effrontery to question Dr Bawumia’s knowledge in economics, he being someone who has done his first degree, Masters, PhD in Economic and has risen to become the Deputy Governor of the Bank of Ghana and has also taught in Universities abroad. Adongo and his colleagues sound pathetic when they openly display their ignorance.” Dr Boako fumed.