Bawumia, Mahama engage in a heated debate on the economy at the 8th CEO Summit

On Monday, May 27, 2024, the 8th Ghana CEO Summit in Accra witnessed a heated debate between former President John Dramani Mahama and Vice President Dr. Mahamudu Bawumia.

The exchange, a highlight of the summit, brought together two of Ghana’s prominent political figures to discuss critical issues affecting the nation’s economy and development.

Former President Mahama addressed the summit in person, delivering a stark critique of the current economic situation.

He stated, “Unemployment has jumped to 14.7 percent from 8.5 percent in 2017, the highest level recorded in the history of the 4th Republic.” Mahama also highlighted that inflation was above 25 percent, with current interest rates ranging between 30 and 50 percent.

He expressed concern over the exchange rate, noting, “The exchange rate, which was previously at 4.00 Ghana Cedis to the US dollar, has crossed the 15 Ghana Cedi threshold, and there appears to be no end in sight to the deterioration of the cedi.”

Mahama accused the government of being unconcerned about these issues.

“The government remains unconcerned, unwilling to cut expenditures, and continues to spend more on creature comforts instead of investing in the transformational infrastructure that will propel this nation forward.”

Vice President Bawumia joined the debate remotely via the Internet, countering Mahama’s position and emphasizing the current administration’s achievements.

Dr. Bawumia presented a case for the government’s policies, highlighting strides made in digital transformation, financial inclusion, and infrastructural development.

He pointed to various social intervention programs that he claimed have positively impacted millions of Ghanaians, including Free SHS and trainee allowances.

The Ghana CEO Summit brings together business leaders, policymakers, and industry experts to discuss and shape the future of Ghana’s economy.

This year’s summit focused on fostering innovation, driving sustainable growth, and building resilient institutions.