Bawumia Lacks Practical Grounding In Economy Management – Fifi Kwetey

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Created on Friday, 21 September 2012 00:00

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Bawumia Lacks Practical Grounding In Economy Management – Fifi Kwetey

21 September 2012

A Deputy Finance Minister, Fifi Kwetey, has described the New Patriotic Party (NPP) vice-presidential candidate, Dr. Mahamudu Bawumia as lacking “practical grounding as far as the management of the economy is concerned.”

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Dr. Bawumia on Thursday called on the ruling NDC and its economic managers to accept the blame for the poor shape of the Ghanaian economy and to stop offering excuses.

He mentioned that “It is not text books or economic theory that is causing high cost of living in Ghana; it is not text books or economic theory that is causing high interest rates in Ghana. Government is supposed to have single digit inflation but government is borrowing at over 20%. How do you blame that on economic theory?”

But speaking on Citi FM’s Eyewitness News, Mr. Kwetey opined that “whatever it is he [Dr. Bawumia] did at the Central Bank amounts to virtually, somebody who hasn’t got real solid grounding. I guess that is what he wanted to, as it were take a shot back at.”

According to him, the NDC government is not managing the economy with text books as asserted by Dr. Bawumia saying, “of course we are not managing with text books and Bawumia should be the first to know.”

Mr. Kwetey further noted the stability of the cedi in recent weeks is an indication that the managers of the economy “clearly know how to handle the most difficult problems.”

He said: “Call him and ask whether what is happening to the cedi today which is a currency that has regained its strength, a currency that is appreciating vis-a-vis the dollar given international confidence to the domestic operators of the economy; whether that is not the mark of a group that clearly knows how to handle the most difficult problems.”

Source: citifmonline.com