{"id":1218386,"date":"2022-10-07T14:30:42","date_gmt":"2022-10-07T14:30:42","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/07\/bawumia-has-been-a-disaster-as-head-of-economic-management-team-felix-kwakye-ofosu\/"},"modified":"2022-10-07T14:30:42","modified_gmt":"2022-10-07T14:30:42","slug":"bawumia-has-been-a-disaster-as-head-of-economic-management-team-felix-kwakye-ofosu","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/07\/bawumia-has-been-a-disaster-as-head-of-economic-management-team-felix-kwakye-ofosu\/","title":{"rendered":"Bawumia has been a disaster as head of economic management team &#8211; Felix Kwakye Ofosu"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/10\/Felix-and-Bawumia.jpeg\" \/><\/p>\n<div id=\"article-text\">\n<p>A former Deputy Information Minister in the Mahama era says the Vice President has been a \u201cdisaster\u201d as the head of the economic management team.<\/p>\n<p>Felix Kwakye Ofosu said Dr Mahamudu Bawumia\u2019s role in leading the economic management team has been a \u2018\u201dwaste of time\u201d.<\/p>\n<p>The aspiring MP\u2019s comment is in reaction to a recent downgrade by credit rating agency, Moody\u2019s, to junk status.<\/p>\n<p>\u201cMoody\u2019s downgrades Ghana again. This time to Caa2.<\/p>\n<p>\u201cBawumia has been an unmitigated disaster and a complete waste of time as head of the Economic Management Team\u201d, he said in a Facebook post on Wednesday.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.facebook.com\/plugins\/post.php?href=https%3A%2F%2Fwww.facebook.com%2Ffelix.kwakyeofosu%2Fposts%2Fpfbid0De3dMK6P7hEX2twtoVgJ6RbQqTHAH9KRcLqA6VuAHAUXQMrByR182rqTELovLKQpl&#038;show_text=true&#038;width=500\" width=\"500\" height=\"194\" style=\"border:none;overflow:hidden\" scrolling=\"no\" frameborder=\"0\" allowfullscreen=\"true\" allow=\"autoplay; clipboard-write; encrypted-media; picture-in-picture; web-share\"><\/iframe><\/p>\n<p>Earlier this week, rating agency, Moody\u2019s, downgraded Ghana\u2019s long-term issuer and senior unsecured debt ratings to\u00a0CAA2\u00a0from CAA1 and placed the ratings on review for downgrade.<\/p>\n<p>The rating downgrade to CAA2, it said, reflects the recent macroeconomic deterioration, further heightening the government\u2019s liquidity and debt sustainability difficulties and increasing the risk of default.<\/p>\n<p>This came after a recent downgrade of Ghana\u2019s credit rating to \u2018CC\u2019 from \u2018CCC\u2019 by Fitch.<\/p>\n<p>Despite Ghana\u2019s tightening of monetary policy in response to the global price shock, it said inflation continues to rise from high levels and the currency has been under very significant pressure.<\/p>\n<p>He added,\u00a0 \u201ccombined, a sharp rise in interest rates, high inflation and a rapidly weakening currency exacerbate the government\u2019s debt challenges\u201d.<\/p>\n<p>Moody\u2019s also pointed out that, \u201cWithout external support, the government\u2019s policy levers to arrest a worsening macroeconomic backdrop and heavier debt burden are extremely limited; the government\u2019s small revenue base, largely and increasingly absorbed by interest payments, further intensifies the policy dilemma between competing objectives, including servicing debt while meeting essential social needs. As a result, the risk of an eventual default has increased\u201d.<\/p>\n<p>Meanwhile, government has reiterated its commitment to dealing with the current economic challenges, to place the economy back on a sound footing.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A former Deputy Information Minister in the Mahama era says the Vice President has been a \u201cdisaster\u201d as the head of the economic management team. Felix Kwakye Ofosu said Dr Mahamudu Bawumia\u2019s role in leading the economic management team has been a \u2018\u201dwaste of time\u201d. The aspiring MP\u2019s comment is in reaction to a recent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1218388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1218386","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1218386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1218386"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1218386\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1218386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1218386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1218386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}