Member of Parliament for Bolgatanga Central, Isaac Adongo has described Vice President, Dr. Mahamadu Bawumia as a person whose display of knowledge and eloquence is only part of diversionary tactics to deceive the Ghanaian populace when in actual fact he has absolutely no knowledge about the economy or how to manage it.
He argues that Dr. Bawumia has consistently “lied about the economy of Ghana but the reality is that he knows nothing but is so confident and eloquent [that] he can confuse all of you”.
Speaking at a Minority Press Conference, Mr. Adongo accused government of giving unrealistic promises as far as meeting the targets for the first tranche of the energy bond is concerned.
“Bawumia has never understood the economy of Ghana. He has always lied about the economy of Ghana. He said that our debt was about 36 billion and would end at 40 billion dollars. When he came with his budget, he said it was around 26 billion.
How did John Mahama miraculously find 14 billion dollars to pay down the debt in three months before we left office? He took the people of Ghana for a ride,” he said.
“The reality is that, he knows nothing but he’s soo confident and eloquent that he can confuse all of you. The reality is that he’s now managing the economy and must walk the talk.”
But with this bond, I doubt they will attempt the four billion again because they will not get a third rematch because the investors are already run away from it.”
The set target of GHC6 billion for the energy bond was not met by government within the stipulated time. 4.6 billion cedis instead of the total of GHC6 billion was amassed at the close of the auction. The 7-year bond received the targeted 2.4 billion cedis, whilst the 10-year bond accrued about 2.2 billion cedis, below the target of 3.6 billion cedis.
Failure on the part of government to achieve its set target for the first tranche of the energy bond according to Mr. Adongo, is clear proof that the ‘over-hyped’ team of economists under this the NPP administration led by Dr. Bawumia are underperforming contrary to what they are preaching.
“They rode on the back of the confidence of the economy that the NDC left, to raise a bond of $2.25 billion in four hours. What has now happened that in one month, they still can’t raise it?
They are destroying the fundamentals that we developed for them. When they were in their honeymoon period and were taking credit, we told them to wait and that their time would come. Their time has come, and we have been embarrassed,” he said.
Meanwhile, Former Deputy Finance Minister, Cassiel Ato Forson said that the let-down on government’s part is “a vote of no confidence in the Akufo-Addo and Bawumia-led government by the investor community”.
He said, “The poor showing of the bond is a vote of no confidence in the Akufo-Addo and Bawumia-led government by the investor community”.
Mr Forson accused the NPP administration of “running away from the fact” under the guise of “you don’t read” when their inadequacies are exposed.
The former Deputy Finance Minister taunted: “The world’s number one reader cannot raise a bond which anybody can do; it is interesting. Ghana’s number one reader cannot even raise a GHS6 billion bond, yet he brought something that has put Ghana to shame”.