Tell Ghanaians the cost of re-denomination exercise – Gov't to Bawumia

Government has dared the Running mate of the largest opposition New Patriotic Party (NPP) for the 2016 election, Dr Mahamadu Bawumia to publicly state how much it cost the country to redenominate the Cedi under his watch.

According to the Minister of Communications, Dr Omane Boamah, Ghanaians are impatiently waiting to be told how much of the ordinary tax payer’s money was spent on the exercise which some critics believe was a total waste of money.

Ghana in 2007 during the Kufour administration, at a time when Dr Bawumiah was the deputy Governor of the Bank of Ghana, carried out a cedi redenominated exercise, which it is believed was spearheaded by his good self.

Government, at the time, said the purpose of the exercise was to address past episodes of high inflation rates and other economic challenges.

Almost a decade after that exercise, critics of the Kufour regime have continued to criticize the move saying it yielded no result, but was rather politically motivated and intended to create the impression that Ghana’s currency was of a very high value.

Dr Bawumia who is gunning for the second most powerful position in Ghana for the second consecutive times, at a public lecture he delivered on Thursday themed: “The State of the Ghanaian Economy – A Foundation of Concrete or Straw.” lambasted the Mahama-led administration for the poor handling of the economy even though the government has borrowed some 39 billion dollars in the last eight years that it has been in power.

But while responding to Dr Bawumia allegations on Anopa Kasapa on Kasapa 102.5 FM, Dr Omane Boamah urged the former to come out in his own interest to speak to the issue of the redenomination exercise.

“Ghanaians are still waiting to know the amount of their taxes that the Bank of Ghana spent in the printing the current Ghana cedis we’re using. You’ve not been able to speak to it despite several calls on you, until now Ghanaians have no idea on this issue and he’s going round talking. He should come out and clarify things so that this matter is put to rest.”