The Member of Parliament (MP) for Bolgatanga Central, Isaac Adongo says Vice President Dr Mahamudu Bawumia's economic principles defer from that of Adams Smith, the world’s renowned father of economics.
Using the Vice President's hometown of Walewale to describe him, Mr Adongo referred to him as "Walewale Adams Smith" during a presentation at the opposition National Democratic Congress’ public lecture on Ghana's economy in Accra on Thursday, 4 April 2019.
To him, the Vice President's interpretation and analysis of Ghana's economy defer from the basic economic principles propounded by Adams Smith and insisted that Dr Bawumia’s Wednesday's Town Hall Meeting presentation was laced with deceits and lies.
“As I listened to the Vice President yesterday with the importers jubilating after the announcement just like the first budget that was brought to Parliament when they won power, I said to myself this is the second deceit that will hang the NPP forever,” Mr Adongo said.
Dr Mahamudu Bawumia on Wednesday, April 3, 2019, at a maiden town hall meeting organised by the Economic Management Team of the government said the worse performance of the current administration was better than the best performance of the past National Democratic Congress government.
$1.62bn of $3bn Eurobond will be consumed by 'family & friends' – Adongo
Mr Adongo said a chunk of the $3 billion raised from the recently-issued Eurobonds by the government will end up with “family and friends”.
Mr Adongo, a Member of the Finance Committee of Parliament, expressed worry that Ghana has moved from an era of borrowing to secure the future of the younger generation, to an era of borrowing for consumption.
He pointed out that: “If you take 2019, the $3 billion they borrowed, $2 billion is for the budget. Only $390 million will be spent on capital expenditure. $1.61 billion will go into family and friends, you know it”.
Mr Adongo also said: “In 2018, we [Ghana] went to borrow $750 million [but] we spent only $119 million on capital expenditure; $631 million, we spent on consumption. Our children will have to come and pay for this and they [the government] have nothing to show”.