Bawumia merely confident, ignorant about economy – Minority

Vice President Dr Mahamudu Bawumia has never understood the economy of Ghana despite his optimism, Minority in Parliament says.

The opposition lawmakers said Dr Bawumia has been inconsistent about the country’s debt, which he earlier estimated at ¢36bn.

But ¢26bn was quoted as the public debt during the presentation of the 2017 budget, MP for Bolgatanga Central, Isaac Adongo said at a news conference in Accra Wednesday.

He was reacting to the failure of the government to achieve its target for the first tranche of the energy bond.

Bond managers had wanted to raise ¢6bn under two separate bonds but ended up with ¢4.6 billion after the close of auction.

The seven-year bond achieved its target of ¢2.4bn but the 10-year bond raised ¢2.2bn, which is ¢1.4bn short of the target.

Experts say the development shows a dwindling confidence of investors in the economy.

The government was able to raise a bond of $2.25bn in less than four hours in April.

But the Minority said that was possible because of the strength of the economy left by the past regime.

“What has now happened that in one month, they still can’t raise it [bond]? They are destroying the fundamentals that we developed for them,” Mr Adongo said.

The NDC MPs say they saw this coming despite the optimistic assurances from Dr Bawumia.

“The reality is that he knows nothing but he’s so confident and eloquent that he can confuse all of you. The reality is that he’s now managing the economy and must walk the talk,” Mr Adongo said.

One Comment

  1. This minority people should spare us their lies. They did same to JDM which eventually sent them to opposition which I don’t even know if they will ever come to power. They should humble themselves for Dr. Bawumia to lecture them.

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