Ghana’s problems down to misuse of resources – Bawumia

The country’s economic challenges are not about a lack of resources but the inefficient management of such resources, the vice-presidential nominee of the opposition New Patriotic Party (NPP), Dr Mahamudu Bawumia, has said.

Speaking at a public lecture at the National Theatre on Thursday, September 8, under the theme: ‘State of Ghana’s Economy – Foundation of Concrete or Straw?’ Dr Bawumia accused the government of inefficiencies despite monies accrued from oil and taxes.

He said no government since independence had had the amount of resources in terms of tax revenue, cocoa exports, and others as the governing National Democratic Congress (NDC).

Dr Bawumia noted that in the eight years of the Kufuor administration, from 2001-2009, the total tax revenue collected was GHS15.2 billion, but between 2009 and 2015, the Mills-Mahama administration has collected GHS90 billion in taxes.

According to him, it was estimated that by the end of 2016, the government would have collected a total of GHS118.2billion.

“Under the eight years of the NPP government, from 2001-2009, taxes and loans amounted to GHS20 billion and without oil, economic growth increased from 3.7 per cent to 9.1 per cent. But in contrast, GDP per capita has declined by 12 percent under John Mahama’s tenure as president when oil revenue and loans alone over the eight-year period of 2009-2016 would amount to GHS248billion,” he said.

The former Second Deputy Governor of the Bank of Ghana, thus, stated that mismanagement by the government was rather to blame for the situation the country found itself.