Amissah Arthur was Dr. Bawumia’s prey in 2016 challenging him to answer 170 questions he (Bawumia) delivered in a lecture. Dr. Bawumia at a campaign rally in Moree commanded; “I hear this is the Vice President Amissah Arthur’s hometown is that the case? I have been looking for him. He has 170 questions to answer and he has been running away so tell him I came to his hometown and he should answer the 170 questions. There is nowhere to hide again.”
Time is too short and we are here in 2024 demanding answers for the same questions because they are more relevant than before. A caring John Mahama who does not want Bawumia’s head to fall on his(Bawumia) neck calls on him to answer only five questions.
The five questions demanded answers on; why the cedi is trading GH¢17.00 to the dollar, why Ghana’s debt rises from GH¢120 billion to GH¢767 billion in less than eight years, why inflation rises to 54.1 percent, why borrow GH¢42 billion from the Bank of Ghana(BoG) and why no more economic lectures.
These questions are so simple such that no one needs to ask 50 questions to achieve a diversionary tactic. If you have not been vomiting indiscriminately, 5 questions out of the 170 should be easy for you to answer. The five questions were Bawumia’s own vomit and the time is ripe for him to eat and he must eat his own vomit. We do not need to lend him the tongue of a dog given that the questions were a repeat of his. There should not be any manoeuvring.
The cedi has assumed the dubious status of winning the worse performing currency in the world on several occasions. The Mills/Mahama administration picked it at GH¢1.20 and handed over at GH¢4.20 in 2016. The average depreciation rate for the entire 8 year period was 13.96 percent.
Dr. Bawumia in many of his economic lectures talked down on the cedi calling the NDC administration reckless and incompetent. If a question is posed to him to answer on why the cedi is GH¢17.00, then the only thing left to do is to provide answers.
This year alone, the cedi has depreciated 27 percent. If the Bawumia’s logic is wise and must be accepted, then it is right to say 30 percent. The average depreciation of the cedi from 2017 to October 2024 is 15.35 percent. Clearly the performance of the Nana/Bawumia government in managing the currency is worse than witnessed under Mills/Mahama and so no wonder the questions are getting dodged.
The debt situation of Ghana is teary. The IMF has projected Ghana’s debt to GDP ratio to hit 82.9 percent at the end of this year. As of July, 2024 it was 75.7 percent according to the BoG. Dr. Bawumia whipped President Mahama for debt levels that were far lower than current. Debt to GDP was 56.85 percent (rebased GDP) by end of 2016 according to the Finance Ministry. How is he going to explain this pandemic incompetence that he picked debt to GDP at 57 percent and pushed it to 83 percent with nothing to show for?
But does the ratios matter? Yes, because even if the ratio is 10 percent and you cannot raise enough tax revenue to match, then your debt is unsustainable. No, because even if the ratio is over 100 percent and you are able to raise enough tax revenue to match, then your debt can be said to be sustainable though not wished.
Ghana’s debt is unique and has moved the conversations beyond ratios. Pompous characters will not accept questions on our debt and the reaction is not surprising. How is Bawumia going to accept that he caused our historic failure to honour our debts? How is he going to accept the fact that he took the country to a debt exchange devouring bondholders principals? How is he going to accept that he caused our ratings to move from B to Junk?
If he accepts, then he is not an economic Wizkid or Messiah but an economic Wicked or Judas. He enjoys been described as what he is not and no wonder his profession keeps changing every minute.
When you are deep in debt and salaries and other statury obligations must have to be honoured to avoid industrial unrest, then you do not have a choice than to call on BoG to print currency for you. Bawumia cannot therefore honour the GH¢42 billion question.
Mahama’s policies for controlling inflation was far better compared to the elements we currently have at the helm. Never has President Mahama supervised a yearly average inflation rate close to 20 percent. The highest was 19.25 percent in 2009 and this can be attributed to the rippled effects of the ill governance of the Former President Kuffour administration. Yearly inflation rate has hit 38.11 percent in 2023. The 8 year average of President Mahama is 13.74 percent while that of Bawumia from 2017 to September 2024 is 16.96 percent.
Mahama has also maintaned a single digit inflation for a continuous 40 months from June, 2010 to September, 2013, a record unmatched. Bawumia on the other hand has highest continuous single digit inflation for only 21 months and a total of 30 months in his nearly 8 year period. Monthly inflation rate has remained higher than 20 percent from May, 2022 till date, 29 months and counting. It must be placed on record that John Mahama has never recorded any month with inflation close to 20 percent.
However one would want to analyse this inflation question, Bawumia will be singing Mahama’s name to slow down in the walk. So Mahama is right when he quoted Clinton; “It is about the economy, stupid.” This election is about the economy and not any stupid and irrelevant 50 questions.
The NPP flag bearer’s ghost is chasing him around and so no more economic lectures. He has said every thing there is to say and so there is nothing to say again. The desperation to divert attention is evident and he must not be left off the hook. He said he was competent and so answers to the five questions will prove and solidify the undeserved competence he appropriated for himself.
Source: Taluta Gbanha Taluta| Contributor |Sissala West
