Prosper Agbenyega/www.www.spyghana.com

Dr Mahamudu Bawumia Ghana
Dr Mahamudu Bawumia Ghana

The opposition New Patriotic Party (NPP) has reacted strongly to comments that came from the ruling party after the party’s running mate to the flag-bearer, Dr Mahamudu Bawumia had delivered a lecture on “True State of Our Economy.”

The party’s Communications Director Nana Akomea has in a statement issued said the lecture has left the government’s claims of unprecedented achievements and its economic record in tatters and exposed.

“While such exposure of the true facts relating to the state of the economy has no doubt caused discomfort to and incurred the displeasure of government, the response of the Ministry of Finance is unfortunately unbecoming of such an important state institution. Rather than sticking to the facts, the Ministry of Finance on behalf of Government has misrepresented the facts and continued to obfuscate and mislead rather than dealing with the substantive issues raised by Dr. Bawumia. It is important that we shield our hardworking civil servants from politics because they have to work with all governments,” he said.

According to the statement, Dr. Bawumia’s lecture on the state of the economy was a considered and detailed analysis of the State of Ghana’s economy based on official data. Not a single statistic can be or has been challenged. It was a lecture devoid of insults or personal attacks.

The NPP also noted that the import of Dr. Bawumia’s lecture backed by official data which stated that, the period between 2001 and 2008 saw the Ghanaian economy move from low income HIPC status to a lower middle income status in a record time of 8 years! This, according to Nana Akomea was underpinned by major structural reforms and policies.

“The claim of single digit inflation over the last 24 months is practically meaningless as far as the cost of living, bank lending rates, exchange rates and jobs are concerned as Ghanaians continue to see significant increases in their cost of living, high interest rates and a rapidly depreciating exchange rate,” adding “There has been no significant fiscal adjustment since 2008.”

He also stated that, the rate of accumulation of public debt is alarming and if not properly managed could quickly result in unsustainable debt levels, pointing out that Ghana’s gross international reserves are currently not sufficient to cover three months of imports notwithstanding the major improvements in external conditions. “It can only cover 2.4 months of imports. The economy cannot be managed with propaganda.”

In the light of all these, the NPP scribe pointed out that the economy has been exposed by Dr, Bawumia as being in a weak position despite all the claims and attempts by the NDC to hoodwink Ghanaians.

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