GHANA’S SUPPOSED ‘BEST ECONOMIST’ HAS FAILED WOEFULLY

Dr. Mahamudu Bawumia, Ghana’s Vice President, has been charged with playing blame games with regards to identifying the causes of Ghana’s economic crisis according to a Johns Hopkins University applied economics expert.

Steven Hanke stated in a tweet on Monday that Ghana’s economic troubles are probably going to get worse based on his assessment of the country’s inflation. He estimated Ghana’s inflation at 80% every year and added that Ghana is in trouble without a currency board which will stabilize exchange rates and promote trade and investment.

The Vice President is the target of several public grievances about Ghana’s economic woes, and Professor Hanke’s remarks only fuel that animosity. The Ghana Cedi, the nation’s currency, has been steadily losing value against the dollar as a result of the severe economic strain Ghana is currently experiencing. The current exchange rate for the Cedi is 10 notes to a dollar. This, according to a portion of the people, is a result of the government’s poor economic management, with Dr. Mahamudu Bawumia serving as the team’s leader.

It is rather unfortunate that our country’s supposed “best economist” has failed in his duty to Ghanaians. To say that Ghanaians are disappointed in his leadership is, to say the least. Instead of always apportioning blame for their mistakes, the Vice President and the government must take full responsibility for their actions including the woeful depreciation of the Ghana cedi, and work hard to stabilize the cedi.

Many Ghanaian businesses are on the verge of collapse with the current developments in the country. Citizens have to pay more for goods and services including food items, petroleum products transportation, and more, leading to a high cost of living. The situation is getting worse by the day and we are all very much alarmed at this new development.

The government of Ghana must work at industrializing the economy and fiercely cut down on imports. It should also add value to the nation’s exports and boost local production. This will ensure that we have adequate foreign exchange in the economy and will alleviate the country’s economic crisis.