The Founding President and CEO of IMANI Centre for Policy and Education, has issued a sharp rebuttal to recent remarks attributed to Vice President Dr Mahamudu Bawumia, who allegedly claimed that former President John Dramani Mahama had delivered “the worst economic performance of all Presidents in the Fourth Republic.”
Mr Cudjoe’s critique of Dr Bawumia’s statement, rooted in a point-by-point analysis, contrasted the economic realities of the former President Mahama administration with the current economic landscape under the leadership of President Nana Akufo-Addo and Dr Mahamudu Bawumia.
He expressed skepticism over Dr Bawumia’s alleged assertion, questioning, “Really? Dr Mahamudu Bawumia, is this quote wrongly attributed to you or rightly to another? Either way, it is not true!”
He then presented a comparative timeline to argue that the current government’s economic track record is plagued by serious setbacks far exceeding those under former President Mahama.
Exchange Rate Comparisons
Mr Cudjoe’s analysis began with the foreign exchange rate and inflation figures, which he presented as critical indicators of economic stability.
He pointed out that in 2016, under former President Mahama, the cedi was trading at GHS 4 to the U.S. dollar, while today, it hovers around GHS 17.4, marking a significant devaluation under Dr Mahamudu Bawumia’s oversight as Vice President and Head of the Economic Management Team.
Additionally, he indicated that the price of cement—a widely-used construction material—has escalated from GHS 24 in former President Mahama’s era to over GHS 105, highlighting the economic pressure on ordinary citizens.
Debt Accumulation and Fiscal Discipline Comparisons
The most contentious point in Mr Cudjoe’s rebuttal centers around Ghana’s debt accumulation and fiscal strategy. According to him, the nation’s debt had grown to GHS 120 billion from independence in 1957 until 2016.
However, he noted, that under the current administration, debt has soared by an unprecedented GHS 643 billion, reaching GHS 763 billion.
This escalation, Mr Cudjoe argued, is compounded by the severe fiscal burden brought on by the controversial Domestic Debt Exchange Programme, which he described as a “pickpocketing” measure targeting savings and pensions, severely impacting Ghanaian households.
IMF’s Engagement
Moreover, the Founding President of the IMANI, Franklin Cudjoe contrasted former President Mahama’s IMF engagement with the ruling New Patriotic Party’s, describing the latter as “stitches” for the nation.
He argued that former President John Dramani Mahama’s IMF involvement did not force citizens to endure financial haircuts or drastic economic measures that have now left Ghanaians grappling with over 40 new taxes, record-high inflation rates of 54%, and soaring interest rates approaching 40%.
In Mr Cudjoe’s assessment, these financial conditions have led to increased poverty and a significantly higher unemployment rate, which he claimed has doubled since former President Mahama’s tenure.
Environmental Degradation and Social Instability
In addition, Mr Cudjoe criticized Vice President Dr Bawumia’s administration for environmental degradation and social instability, arguing that more Ghanaians today face “hardcore poverty” and are subject to the adverse effects of what he calls “environmental homicide.”
He accused the current government of legal and judicial disenfranchisement, citing, as an example, the exclusion of residents of the Santrokofi, Akpafu, Likpe, and Lolobi (SALL) areas from the 2020 electoral processes.
In closing, Mr Cudjoe’s remarks are a pointed challenge to Dr Bawumia’s assertion, painting a grim picture of the current administration’s economic track record.
He concluded with a charge to Vice President Dr Mahmudu Bawumia: “These, my friend, Alhaji, are the credentials for earning the badge of economic dishonour,” offering a sharp counter-narrative to his critique of Mahama’s leadership and underscoring the depth of dissatisfaction many Ghanaians feel in the current economic climate.
