Banks were weak under your care; Inflation rate was high – Bawumia to Mahama

Vice President Mahamudu Bawumia, has said President John Dramani Mahama failed to build a buoyant banking sector of the Ghanaian economy.

He said the former president performed abysmally in managing the economy when in office.

The poor performance of the former president, Dr Bawumia said, resulted in a declining agric sector, high inflation, rapid unemployment and weak banking sector.

Mr Mahama in a Live Facebook interaction last week said the economy under the leadership of President Nana Akufo-Addo was in the Intensive Care Unit following the COIVD-19 pandemic.

“Unfortunately, this government has used a lot of propaganda saying the economy has been the best that we have ever had since independence. Unfortunately, just one month of coronavirus the economy is in ICU. If we didn’t run to the IMF for the one billion rapid credit facility, it is possible that in the next month probably salaries would not have been paid and so our economy is on ventilators, and it needs thinking to rescue it from the ICU.” Mr Mahama said

Responding to this on Monday May 4, Dr Bawumia said : “After 8yrs of the NDC what did they leave us with? They left us with declining agriculture, declining industry, interest rates were high, and inflation was high.

“If you look at the data in terms of macroeconomic performance in any economy, since the year 2000 the tenure of the former president was the worst in terms of the outcome of the macro economic performance. That is the data saying, mot me.”

He added: “The banking system was weak, unemployment rate was rising, our national health insurance was back to cash and carry, and we had four years of power crisis (dumso) and its devastating impact on our economy.

“My humble advice to former President John Mahama is [that he should] take a look at the data, this is not green book data.

“Take a look at the data before you speak, otherwise, you will end up embarrassing yourself. When it comes to the data, it has been very clear; in agricultural growth, we have performed better; industry growth, we have performed better; inflation, we have performed better, on interest rate, we did perform better; exchange rate depreciation, we have performed better. That is the data,” Dr Bawumia stated.