Tuesday, 23 July

Bawumia is a "walking example of economic failure and contradictions"-MP

Isaac Adongo

Mr  Isaac Adongo, Member of Parliament for Bolgatanga Central Constituency in the Upper East Region has issued a scathing critique on Dr. Mahamadu Bawumia, calling on him to account for his economic policies over the past seven and a half years before making new promises for the future.

 In a detailed statement, Mr Adongo challenges Bawumia to explain the outcomes of his tenure as Vice President and head of the Economic Management Team (EMT), highlighting significant economic failures and controversial decisions.

Mr Adongo begins by questioning the efficacy of the 33 policies Dr Bawumia has touted, asserting that they have led to economic collapse and a severe debt and cost of living crisis.

 He urges Dr Bawumia to reflect on his past actions rather than making new promises. 

Mr Adongo describes Dr Bawumia as a "walking example of economic failure and contradictions," accusing him of peddling half-truths and deceptions to gain popularity and votes.

Highlighting Dr Bawumia’s past promises during the 2016 and 2020 elections, Mr Adongo insists that Ghanaians deserve an account of how the significant resources at the government’s disposal—record high loans, revenues, grants, and public goodwill—were utilized.

 He emphasizes that Bawumia, as the anchor of President Akufo-Addo’s economic team, bears significant responsibility for the current economic state.

Adongo outlines several key areas where he believes Bawumia has failed:

1. Historic Debt: He criticizes Bawumia's policy of reckless borrowing, which has seen Ghana's national debt skyrocket from GHS 122 billion in December 2016 to GHS 658.6 billion in February 2024, leading to a debt distress situation where the country struggles to repay its obligations.

2. IMF Program Failure: Adongo recalls Bawumia's previous assertions that seeking IMF assistance was a sign of incompetence, contrasting this with Ghana’s failure to qualify for an IMF program under Bawumia’s leadership, forcing the country into a debt restructuring process.

3. Excessive Taxation: He accuses Bawumia of imposing excessive taxes on businesses, contrary to his earlier promises of shifting from taxation to production, which has stifled entrepreneurship.

4. Printing of Money: Adongo points out the historic printing of over GHS 80 billion by the Bank of Ghana to cover fiscal deficits, an action he describes as illegal and unprecedented in the Fourth Republic.

5. Inflation: He highlights the skyrocketing inflation rate, which has exceeded 54%, undermining Bawumia’s earlier claims that single-digit inflation was meaningless.

6. Collapse of Financial Institutions: Adongo condemns the collapse of nine banks and over 400 financial institutions, which led to significant job losses and the destruction of entrepreneurial ventures.

7. Debt Restructuring: He criticizes the domestic debt exchange program, which he claims led to significant losses for investors and poor pensioners, and a GHS 60.8 billion loss for the Bank of Ghana.

8. PDS Scandal: Adongo reminds Ghanaians of the PDS scandal, where valuable assets of the Electricity Company of Ghana were allegedly transferred to cronies, resulting in substantial financial losses.

9. Failed Projects: He cites the failed Pwalungu Multipurpose Dam project, where US$ 12 million was spent without any tangible progress, and the dubious One Community, One Dam project, which resulted in ineffective dugouts.

10. Exchange Rate Issues: Adongo criticizes Bawumia's handling of the exchange rate, noting the depreciation of the cedi to GHS 16 per dollar, contrary to his earlier promises of economic stability.

11. Unfulfilled Promises: He questions the status of the promised university campus and airstrip in Yendi, projects that remain unfulfilled.

Mr Adongo concludes by asserting that Bawumia must first account for his past policies and their impact on the economy before making new promises.

He calls on Ghanaians to demand accountability from Bawumia and scrutinize his record as the head of the EMT

Source: Classfmonline.com/Cecil Mensah