Vice presidential candidate of the New Patriotic Party (NPP) in the December elections, Dr. Mahamudu Bawumia, has offered a derisive response to a request by President John Mahama for the disclosure of the cost of the 2007 redenomination of the cedi.
In a short comment on his Facebook wall, Dr. Bawumia said the request by the President is another demonstration of his cluelessness about economic issues.
“Today's request for disclosure on the 2007 redenomination is another demonstration of incompetence.
Apart from the fact that the then Governor disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his VEEP who was Bank of Ghana Governor, especially when the President was Head of the Economic Management Team between 2009 and 2012,” Dr. Bawumia stated.
During a tour of the capital as part of is the governing National Democratic Congress (NDC) campaign for the upcoming elections, President Mahama dared Dr. Bawumia to come clear on the cost of the redenomination exercise undertaken when he (Bawumia) was Deputy Governor of the central bank.
The President’s request follows Dr. Bawumia’s unrelenting criticism of the Mahama-led government as incompetent.
President Mahama had remarked that Nana Akufo-Addo’s running mate had no moral authority to tag his administration as incompetent because under the watch the NPP government in 2007, the country recorded the highest deficit of 19 percent.
The President said he deserved praise for bringing the deficit down to 5.3 percent, not Bawumia’s criticisms.
“Up till today, no Ghanaian knows the cost of the redenomination exercise and the same people come and say someone is incompetent. When you redenominated the cedi how much did it cost us? Simple things like these you cannot tell us and you have the nerve to come and talk about corruption. Look in the mirror and look at yourselves,” the President had remarked.
However, reacting to the President claims, Dr. Bawumia said the President was being deceptive.
“Such petty propaganda should be beneath someone of the stature of a President. It is clear he is very poorly briefed, but when a President decides to join the bandwagon of propaganda, he only ends up embarrassing himself,” Dr. Bawumia countered.
The Bank of Ghana in 2007 redenominated the cedi by setting 10,000 cedis to one the new Ghana Cedi (GH¢), a move that was aimed at strengthening the local currency.
However, some Economists and government spokespersons have attributed the country’s current economic challenges to the 2007 redenomination that was sanctioned by the John Kufuor administration.
They say the politically motivated redenomination exercise was a scheme by the Kufuor administration to steal from country’s coffers. Most of the critics of the redenomination also say, instead of the knocking off four zeros from the old cedi to create an illusion of a robust local currency, the fundamentals of the economy at the time should have been firmed up.
Published below is Bawumia’s three paragraph response to President Mahama.
Mr. President, care to read?
Today's request for disclosure on the 2007 redenomination is another demonstration of incompetence. Apart from the fact that the then Governor disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his VEEP who was Bank of Ghana Governor, especially when the President was Head of the Economic Management Team between 2009 and 2012.
Such petty propaganda should be beneath someone of the stature of a President. It is clear he is very poorly briefed, but when a President decides to join the bandwagon of propaganda , he only ends up embarrassing himself.
Moving on, can the President (with the same zeal) and his Economic Management Team respond to the 170 statements contained in my last lecture?
Bawumia Replies Prez Mahama
Source: JFM Ghana
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John Mahama is confused......
wow, if this was published as far back 7th November, in the dailies where was the NDC, if had questions, do they asked? were they provided with answers? if they were not ok and thought, some corrupt practices had taken place, they are in Government for almost Eight years why they allow the Good DR. to be eating and walking as a free man. this is shame, Mr president. i will vote against you come 7th December,2016
Ow Poor Poor Prez mahama..So you decend so low to the level of the Koku Anyidohos, Fiifi Kwerteys to the point where even a commen JHS leaver can not comprehend. You are the president Abi? Yes Bawumia has and is continuously accusing you of corruption and incompetence and has been backing them with facts to support his assertions. If YOU as the sitting PRESIDENT with all the state apparatus cannot tell US GHANAIANS what Bawumia did during the redenomination of the cedi interms of corruption then why ask questions? Pls Mr Mahama We know that the Governor of Bank of Ghana then told the whole nation what the cost of that exercise if you have a differnt figure PLEASE tell GHANAIANS!!!!!! otherwise pls find something more convincing to preach on..... Anyway, what happened and you changed you mouth on the trainees allowances? Shieee Mahama hahaha...so when was that so-called technical committee when you were buoyantly declaring that you will not even if you lose the election?....Now you fear LOSING THE ELECTION EH....ITS FINISHED.....YOU DONE MR PRESIDENT!
Your Excellency, the President of the Republic of Ghana Mr. John Dramani Mahama, I must let you know that you have disappointed people like me today, not because of the state of the economy but simply because you have allowed yourself to be tricked into this untenable propaganda by joining in the serial callers and so called communicators' ignorance and asking fo rthe cost of the redonomination exercise carried out in 2007. Why do you lower yourself to this point? Do you now realize from Dr. Bawumia's response that subtly you are proven your critics right in tagging you and your party faithfuls as people who do not read or read less? It is a huge embarrassment for the occupant of the highest office to demand such a thing on political platform. Now the answer is ther and had been there for close to a decade! What are you now going to say? Please stop this cheap politicking and get serious.
this confused lair. Bawumia is a ***barred word*** and a liar. he will always be in opposition till their kingdom come. Mr. liar
Doc.l feel paaaapa ran enter ford expedition
MIND THIS T---H---I---E---F MAHAMA.
I am now irredeemably convinced that the Mahama/Asiedu Nketia government is a big joke and a mistake. I realized it a while ago, but gave them the benefit of the doubt. Now the President has convinced me that there is nothing good in their coconut, that's why he sees bribing of electorate as a sign of popularity.