Dr. Mahamudu Bawumia who is the New Patriotic Party’s (NPP) running mate for 2016 elections, spoke at a public lecture in Accra, where he declared the National Democratic Congress (NDC) as the worse performing party in Ghana’s history.
According to him, even though the NDC had more resources than any other government to change the country for the better, they still performed poorly.
At the lecture tagged: ‘The State of the Ghanaian Economy – A Foundation of Concrete or Straw,’ chaired by Former President John Agyekum Kufuor, Dr. Bawumia said the data on Ghana’s economy shows that the years under President John Mahama have been worse than any period since the dawn of this century.
Raining more criticism on President Mahama’s leadership, he stated quote:
“In fact, 66 per cent of Ghana’s debt from independence; has been accumulated under the presidency of John Mahama in just the last three and half years.”
“By the end of 2008 following the adoption and implementation of the HIPC initiative, the government’s policy framework of fiscal discipline, the country’s debt to GDP ratio, had declined from 189 per cent in 2000, to 32 per cent of GDP by 2008.”
Bawumia maintained that the NDC first four years under late President Mills was far better than these last four years under John Mahama. He outlined the GDP Growth of Ghana in the years both NPP and NDC lead the country.
In praise of the NPP’s performance, he said that without oil, the party competently managed the economy to increase growth from 3.7 per cent in 2000 to 9.1 per cent in 2008, while the NDC ruled the country with oil and unprecedented resources, yet the economic growth had declined to 3.9 per cent in 2015.
“Between 2000 and 2008, the size of Ghana’s economy increased from some $5.1 billion to $28.5 billion, a 459 per cent increase in eight years.
“Even in the face of a global economic and financial crisis in 2007/8 (with oil prices reaching a record high of $147/barrel), economic growth in 2008 rose to 9.1 per cent.
Dr. Bawumia further stated that notwithstanding the discovery of oil, Ghana’s GDP has increased from $28.5 billion in 2008 to a projected $40 billion in 2016 (a 40 per cent increase in eight years).
“However, from 2012 – 2016 i.e. during John Mahama’s tenure as President, the economy, in dollar terms, shrunk by five per cent.
He insisted that President Mahama has spent the last eight year destroying the strong foundation laid by Kufuor government; and replacing it rather with a weak foundation of straw, which he desperately tries to portray as one of concrete.
“A mason who inherits a good foundation and spends eight years destroying it cannot be trusted to build the house. We need a competent mason, one with integrity, credibility and vision to build the house,” Bawumia quoted.