54
Business News Wed, 13 Apr 2022

'You have been the worst-performing economic manager in the 4th Republic' - Adongo to Bawumia

Go and read investment 101

The currency we left for you was very strong at 9%, Adongo

We will turn this difficult situation around for the better, NDC


MP for Bolga Central Isaac has stated that Vice President Dr. Mahamudu Bawumia is the first economic team manager who has given Ghana a debt of over GH¢400million.

According to him, the current government has been bad managers of the economy.

Speaking during an economic lecture on the current state of the economy, Adongo mentioned that the vice president is the only economic manager who has plunged Ghana into debt distress.

“The reality we left for you was very strong at 9% and the following year, when you took over in 2017 it went further down to 6.4%. But when you could now sit properly, the thing(cedi) started shooting up to the extent that by 2019 you doing double-digit 13% of depreciation. Was there COVID?”

He added, "So, with what I have explained, is it not clear that currency depreciation is more than the fundamentals of the economy? It is not interest rate, it is not inflation, it is not GDP. There are exogenous variables that you may not have control over and if you don’t have enough buffers then you have a challenge."

During a public lecture on the state of the economy last week, the Vice President stated that, even though the country was currently facing a lot of fiscal challenges, the fundamentals are still strong.

This according to the MP, is not a possibility.

He said, “you are owing 400million and you are saying your fundamentals are strong. When you owe somebody, your fundamental is your ability to pay, we don’t use inflation to pay debt, we don’t use NABCO to pay debt, we don’t use restoration of nursing training allowances to pay debt? Dr. Bawumia, investors are not interested in semantics.”

He further boasts of the achievement of former President Mahama saying his performance cannot be compared anywhere to this government.

"There are the most incompetent group of government that have ever been visited on our country," he concluded.

Watch the latest episode of BizTech below:





Source: www.ghanaweb.com
Related Articles: