The Member of Parliament for Yapei Kusawgu and ranking member of Mines and Energy Committee Hon. John Abdulai Jinapor has sharply criticized the state of the economy under the stewardship of Dr. Mahamudu Bawumia, expressing strong disagreement with the approach taken by the Vice President and calling for resetting of the Ghanaian economy.
Hon. Jinapor argued that the current economic strategy was fundamentally flawed and that a complete reset, rather than an upgrade, was urgently needed. Hon. Jinapor highlighted that Dr. Bawumia’s claim of an economic upgrade ignored the deeper issues plaguing the system.
“If the fundamentals are not working, if the current economic architecture, the economic program is not working, you cannot upgrade it. You simply have to reset it.”
Hon. John Abdulai Jinapor Member of Parliament for Yapei Kusawgu and ranking member Mines and Energy Committee
Hon. Jinapor pointed out that upgrading could only be relevant if the system in place was functioning properly, but in this case, the system was broken.
Deterioration of Key Economic Indicators
Concerning Ghana’s economic indicators, Hon. Jinapor illustrated the deterioration in key areas. Hon. Jinapor noted that debt to GDP, which was at 56% when the NDC left office, had now escalated to over 70%. “We don’t even know our debt to GDP,” he remarked, underscoring the uncertainty surrounding Ghana’s debt structure.
This lack of clarity, he added, had been exacerbated by ongoing negotiations with Eurobond holders. Similarly, he lamented that “when we were leaving office, we were better than it is today” across multiple economic indicators, including inflation and unemployment.
Hon. Jinapor further criticized the focus on recurrent expenditure over capital expenditure under the NPP government.
“President Mahama did about double of theirs in terms of capital expenditure.”
Hon. John Abdulai Jinapor Member of Parliament for Yapei Kusawgu and ranking member Mines and Energy Committee
Hon. Jinapor argued that capital investment is vital for economic resilience, helping to shield the economy from external shocks. In contrast, the current approach, he said, had left Ghana vulnerable to economic headwinds.
Moreover, Hon. Jinapor expressed frustration with the Vice President’s response to the public’s concerns over rising taxes and the cost of living. When asked about the possibility of reducing or abolishing certain taxes, Jinapor quoted Dr. Bawumia’s response:
“If he reduces the taxes today or abolishes them today, when he becomes president, what would he do?”
Dr. Mahamudu Bawumia Vice President and Flagbearer of the New Patriotic Party NPP
This, Hon. Jinapor said, reflected an insensitivity to the plight of Ghanaians and a contradiction in Bawumia’s stance. The Vice President, he argued, had previously taken credit for certain economic policies, yet now seemed reluctant to address the adverse effects of those policies.
The Consequences of Monetary Policy
Hon. Jinapor also highlighted the severe economic consequences of the government’s monetary policy, particularly its reliance on printing money.
“We had about 54 billion of central bank printing…not through the open market operations.”
Hon. John Abdulai Jinapor Member of Parliament for Yapei Kusawgu and ranking member Mines and Energy Committee
This excess money in the system, he argued, had driven inflation to unprecedented levels, with inflation rates hitting 54%. “Ghana’s case is a basket case of worst-case scenario,” Jinapor declared. In comparing Ghana’s performance to other African nations, including Tanzania, Senegal, and Kenya, Hon. Jinapor stressed that among Ghana’s peers, the country’s economic situation was among the worst. However, turning to the issue of debt, Jinapor pointed out the historical nature of Ghana’s current predicament.
“For the first time in the history of Ghana, we have defaulted on our international debt obligations.
Hon. John Abdulai Jinapor Member of Parliament for Yapei Kusawgu and ranking member Mines and Energy Committee
Hon. Jinapor emphasized the gravity of the situation. The country’s inability to service even domestic bonds, he argued, was a testament to the depth of the economic crisis. Hon. Jinapor also drew attention to the plight of pensioners, who had been forced to queue at the Ministry of Finance to demand their payments, a situation he described as both unprecedented and deeply troubling.
A Call for a Fundamental Shift
Hon. Jinapor questioned the rationale behind Dr. Bawumia’s call for an economic upgrade, arguing that it was illogical to attempt to upgrade a system that was failing. Instead, he called for a complete reset of the economy, a fundamental shift in direction to address the root causes of the current crisis.
“You tell us that you want to upgrade it. Then he simply wants to upgrade the suffering.’’
Hon. John Abdulai Jinapor Member of Parliament for Yapei Kusawgu and ranking member Mines and Energy Committee
Hon. Jinapor stated, driving home his point that the current approach was unsustainable and in need of urgent revision. This critical assessment of the economy by Hon. Jinapor highlights the numerous challenges facing Ghana and the deep concerns about the direction of the country’s economic policy under the current administration.
READ ALSO; Flowking Stone Urges Foreign Experts To Manage GHAMRO
