Cedi Fall: Own up to your shortcomings - Mahama to Akufo-Addo

Former President John Dramani Mahama has called on President Nana Akufo-Addo and Vice-President Dr Mahamudu Bawumia to seek help in managing the economy.

According to the leader of the main opposition National Democratic Congress (NDC), "Two heads are better than one", adding that: “There are times when a leader or a party must admit that they do not have all the answers to the challenges facing the economy or a particular sector.”

Mr Mahama said a leader’s dignity is not bruised when he seeks help to run the country, but rather adds to his credibility when he creates a consultative process that forges a consensus and allows a nation to move forward.

Mr Mahama’s comment comes on the back of the consistent fall of the cedi against major trading currencies, especially the US dollar.

In a Facebook post, Mr Mahama suggested that Nana Akufo-Addo organise a forum just as he [Mr Mahama] organised a 3-day economic forum at Senchi when he was president in May 2014, to seek ideas from stakeholders on how to develop the economy.

Mr Mahama’s post read: “There is a much-hackneyed saying, ‘Two heads are better than one’”.

“There are times when a leader or a party must admit that they do not have all the answers to the challenges facing the economy or a particular sector. At such times, it does not take away from your dignity, but adds to your credibility, when you create a consultative process that forges a consensus and allows a nation to move forward.

“I faced one such decision point as president in 2014. The 3-day Senchi Economic Forum was held in May 2014.

“It was a broad consultative process and even though it was boycotted by the opposition NPP, it achieved its objective of producing the famous Senchi Report which contributed to the Homegrown Fiscal Consolidation Programme.

“This Homegrown Fiscal Programme led eventually to the ECF with the International Monetary Fund (IMF) and resulted in one of the most stable periods in Ghana's economic history in 2016, with the cedi being one of the best performing African currencies.

“This administration is probably at such a decision point. The recent free-fall of the cedi against all major foreign currencies may be exposing a deeper malaise in the ‘fundamentals of the economy’.

“It may serve Akufo-Addo/Bawumia and their economic team well to own up to their shortcomings and call a Senchi-type stakeholder forum on the economy.”