Dr. Tony Aidoo, Head of Policy Monitoring and Evaluation at the Presidency, says the vice presidential candidate of the New Patriotic Party, Dr Mahamudu Bawumia lacks a good appreciation of the economy and the issues therein.
His comments were in response to Dr Bawumia’s address at the Ferdinand Ayim Memorial Lectures in Accra on the ‘True State of the Economy’. The lecture sought to cast doubts over the “unprecedented” economic achievements being touted by the ruling National Democratic Congress (NDC).
In an interview on Joy FM’s Super Morning Show Thursday, Dr Tony Aidoo said that the NPP, records attest, cannot compete with the NDC in terms of economic success.
For example, he said under the Kufuor regime, Ghana had two-thirds of its debts forgiven ($4.3b), HIPIC benefits as well increased revenues in gold and cocoa exports, yet it was during their rulership that Ghanaians were heavily taxed.
In terms of monetary policy, Dr Aidoo said “the NPP initiated measures that killed the goose that laid the golden eggs.” He said a three-year bond raised by the then government did not yield any income, thereby killing “the confidence of domestic savers.”
Again, he said, the cedi started depreciating after the redenomination exercise was done – from 0.97 to 1.30 – when the NPP were leaving office.
Dr Aidoo debunked what he said were suggestions by the NPP that the current administration was attributing the fall in value of the cedi to speculation, explaining that other factors such as capital flight, hoarding of the cedi and the creation of political tension also affected the situation.
“…Who is to blame for the political tension that has recently been created?” he quizzed, claiming that NPP flagbearer, Nana Addo Dankwa Akufo-Addo has been reported in the international media as leading Ghana on the road to perdition” with his infamous ‘all die be die’ comment and the aggressive posture adopted by the party.
The NPP, according to him, also introduced and legitimized offshore banking “which provides a safe haven for people to transfer capital away from the country and put it in foreign accounts.” That is why it has been difficult to stop capital flight, he asserted.
“So when he (Bawumia) is talking about policy and measures, he should look at his own doorstep,” Dr Aidoo said.
The Head of Policy Monitoring and Evaluation at the Presidency said Dr Bawumia himself introduced an ‘inefficient’ ezwich system which ran into debt. “…And he is posturing himself as a financial wizkid? This is incredible, God save Ghana if this guy ever becomes the vice president, but we know that it will not happen,” he exclaimed.
“He (Bawumia) doesn’t have the knowledge and maybe he wants to cut his political teeth. Let him find a stone soft enough so that he does not break his teeth.”