Kwakye Ofosu dismisses Bawumia’s 24-hour economy criticism as ‘voodoo economics’

The Minister for Government Communications, Felix Kwakye Ofosu, has dismissed criticism of the government’s 24-hour economy policy by New Patriotic Party (NPP) flagbearer, Dr Mahamudu Bawumia, describing his arguments as “voodoo economics”.

He accused the former Vice President of making claims about the policy and the broader economy that, in his view, are not supported by sound economic analysis.

Dr Bawumia has criticised President John Dramani Mahama’s understanding and implementation of the 24-hour economy policy, accusing the government of using it and other campaign promises as propaganda.

He has also described the economy under President Mahama as a “paper economy” and a “real pocket economy”, arguing that the government’s claims of economic progress do not reflect the experiences of ordinary Ghanaians.

Speaking in an interview on Accra-based Citi FM, Mr Kwakye Ofosu rejected the criticism, insisting that Dr Bawumia’s arguments lacked a rational economic basis.

“The truth is that you should not have called me on this matter because you know that what Bawumia is saying is nothing more than a joke,” he said.

“There is no rational analysis that can reach the conclusion Bawumia is reaching. It is voodoo economics that Bawumia is doing.”

Mr Kwakye Ofosu also challenged Dr Bawumia’s record as Vice President under the previous NPP administration, citing high inflation, rising public debt, currency depreciation and losses suffered by bondholders as evidence of the economic difficulties experienced during that period.

He maintained that the economy had improved under the current administration compared with the conditions it inherited.

“The undeniable, unmistakable truth is that this economy, as we have it, is much, much, much better than he handed it over,” he said.

“The truth is that every single measure of economic performance today is better than he left it.”

Kwakye Ofosu questions Bawumia’s position on exchange rate stability

The minister further questioned Dr Bawumia’s current position on economic stability, arguing that it was inconsistent with views he had expressed while serving as Vice President.

He recalled Dr Bawumia’s previous emphasis on exchange rate stability as a key measure of economic performance and challenged him to explain what he described as a change in position.

“Was he not the one who told us that the most important indicator in an economy like ours is the exchange rate? Was he not the one who told us this in 2014? So why does he find it convenient to stand in a church of all places and tell a lie that stability is not important?” he asked.

Mr Kwakye Ofosu also pointed to changes in the prices of some essential commodities, particularly fuel, as part of his argument that economic conditions had improved.

He cited diesel prices of about GH¢23 per litre in November 2022, arguing that current prices were lower than the levels recorded under the previous administration.

According to him, the economic indicators do not support Dr Bawumia’s assessment of the government’s performance.

Despite defending the government’s economic record, Mr Kwakye Ofosu acknowledged that more work was needed to improve conditions for Ghanaians.

He said the administration remained committed to addressing the country’s economic challenges and ensuring that the situation continued to improve.

“Of course, it can always get better. There is no dispute about that, and we will continue to work assiduously as a government to ensure that things get better than they are today,” he said.