General News of Wednesday, 9 December 2015
Source: Annie Afua Ampofo
Former Deputy Minister of Finance and Economic Planning, Hon. Kweku Rickets Hagan has described Dr. Bawumia’s claim that government will lay-off workers in 2016.
Speaking on ‘The Africa Live Show’ on First Digital TV, he explained that Dr. Mahamadu Bawumia started very well on professional issues but played to the gallery using serious economic issues to score political points. He said Dr. Bawumia’s analyses is a one-nation type of analyses without considering any externalities.
“I mean nothing in the outside world is in, if you read all the things that Dr. Bawumia has been talking about, there is nothing in the analyses that he is making reflects what is happening in the outside world. It’s as if Ghana lives in isolation, on its own…If you look at the growth rate predicted of emerging economies by the World Bank this year is between 4% – 4.4%. Ghana is projected to end this year with 4.1% which sits right in what is happening in the world…”
“There are certain things happening that are affecting emerging economies which Dr. Bawumia never mentions, he is only talking about what is happening in Ghana…..”
When asked if that is to say Dr. Bawumia does not know about these global predictions, the former Minister said; “he knows, that’s why I said he is Cheri-picking; Bawumia knows, he is a fine economist, he is choosing vulnerable arguments or vulnerable things that is happening in the economy to make cheap political arguments’’.
The host, Annie Ampofo, again asked if these comments, however, are factual, the minister said it’s not in its factuality that we have to look out for, but how it relates to the global trend.
Responding to the comments by the former minister, the Deputy Minority chief whip, Hon Ignatius Bafuor Awuah said;…”Dr. Bawumia situated what he said on the West African Economy because of course it is better to talk about the world, but it is also better to talk about what is happening around…just ask the honorable minister, how has the Ivorian economy been performing…”
“Some 7 countries in West Africa have signed on what we call the ECO with the intention of establishing a common currency. And we have had a benchmark, about 10 different benchmarks which we call the convergence criteria. For 3 continuous years, Ghana has scored zero (0) out of 10… Liberia, Sierra Leone, Gambia, Nigeria are doing so well, and Ghana is lagging behind.’
Hon. Bafuor Awuah said a country that is recording double-digit inflation of more than 10% is an indication that the economy is headed for doom.“ I agree with the assertion that the economy is shrinking” he added.