National Democratic Congress (NDC) Member of Parliament for Bolgatanga Central, Isaac Adongo, has said that despite the eloquent demeanor often displayed by economist Dr. Mahamudu Bawumia when he speaks, the Vice President actually “knows nothing about the economy.”
Speaking at a press conference organised by the Minority in Parliament yesterday [Wednesday], Isaac Adongo accused the Vice President of consistently peddling falsehood, but the confident way in which he speaks had convinced Ghanaians to accept his “lies” about the state of the economy.
“Bawumia has never understood the economy of Ghana. He has always lied about the economy of Ghana. He said that our debt was about 36 billion and would end at 40 billion dollars. When he came with his budget, he said it was around 26 billion. How did John Mahama miraculously find 14 billion dollars to pay down the debt in three months before we left office? He took the people of Ghana for a ride,” he said.
“The reality is that, he knows nothing but he’s so confident and eloquent that he can confuse all of you. The reality is that he’s now managing the economy and must walk the talk. But with this bond, I doubt they will attempt the four billion again because they will not get a third rematch because the investors are already away from it.”
His comments come on the back of recent failed attempts by the government to meet its target for the first tranche of the energy bond.
The managers of the bond sought to raise 6 billion cedis under two separate bonds, but accrued a total of 4.6 billion cedis after it closed the auction. The 7-year bond received the targeted 2.4 billion cedis, whilst the 10-year bond accrued about 2.2 billion cedis, below the target of 3.6 billion cedis.
Several critics have described this development as a failure by the government, and a sign of the declining confidence of investors, whilst the government hailed the bond as relatively successful. According to Adongo, the recent failed attempts by the government to meet its target for the first tranche of the energy bond, was an indication of the inability of the Economic management team, led by the Vice President, to manage the economy adequately. Isaac Adongo described the team as “over-hyped” and stated that Dr. Bawumia’s “eloquence” had convinced Ghanaians to accept his “lies” about the state of the economy.
“They rode on the back of the confidence of the economy that the NDC left, to raise a bond of $2.25 billion in four hours. What has now happened that in one month, they still can’t raise it? They are destroying the fundamentals that we developed for them. When they were in their honeymoon period and were taking credit we told them to wait and that their time would come. Their time has come and we have been embarrassed,” he said.
He claimed that the balance sheet of ESLA PLC after raising the bond was -$3.6 billion, and that no investor would put their money in such a company.
“It’s only under the best economist that the world has ever produced, Dr. Mahamudu Bawumia,” Isaac Adongo added sarcastically.
Source: citifmonline.com
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These NDC bastards hogs/swines never cease embarrassing themselves,it's sad these ***barred word*** worthless nonentities keep disturbing our ears.Cruel nation wreckers!May they rot in opposition for good.
What a ch!ldish talk, if you don't ve the the facts, you can't be confident enough in your submission, which of you is Dr, the highest certificate is 2nd degree which some of you are still writing your thesis, so stop disturbing our ears, who is Ato Forson, tweaaaaaa, is left with chuff
Oh Mr. Adongo, you NDC guys always beat about the buush! Dr. Bawumia clearly explained the difference between the $40 billion and the $26B loan. He said if you count all contracts signed when you guys borrowed it adds up to $40B but due to currency fluctuations the figure looks less which is $26B. so you cannot tell Ghanaians that you borrowed $26B. If he lied to Ghanaians why did't Amissa Arthur or Terkper tell Ghanaians 'your truth'? Ghana is blessed to have excellent brains and hands behind the economy now so your press conferences will not work. Bond yield is purely a demand and supply issue and linked to price determination in a free market economy. Interest rate is the price (in this scenario) that determines the quantity of goods investors are prepared to put on the market. Over here the interest rate below 20% is what resulted in the low yield. Let it be raised to say 21% and you will see the outcome. This does not call for any press conference. Of course, apart press conferences what do you guys know? You are gradually branding your party as a PRESS CONFERENCE PARTY! Note that Ex-President Kuffour referred to your party as a SLAP PARTY when slaps were the norms in your party. Please if you guys have nothing worthwhile to say do not disturb our ears with issues you don't understand. Which of you at the press conference is an economist?
My friend you cannot be confident if you don't know your stuff. Your confidence is directly proportional to your knowledge base, fullstop.
Another NDC idioooout. What do mean by Bawumia is only confident? If you do not know, the Vice President Dr Bawumia is confident of the knowledge he possesses.
The very insults that sent this incompetent NDC into opposition is getting worse. Their own Kwesi Botchwey report pointed it out to them but they WONT LISTEN. I wish them happy stay in opposition FOR A LONG TIME, until this generation is wiped out on earth.
Where is Seth Tekper?????????????? Why is he not talking?????????
If you left such a great economy, WHY DID WE VOTE YOU OUT? Just zip it. 🤐
He is confident because he knows whats-up and knows what his government is capable of, that makes anyone confident when you have the can do and deliver, ten months in government and see the achievements that NDC couldn't do in 8 years. skin pain aye wo ya.
You that you said you know, what did you do when you were in power? You sat down and look on for the economy to shrink.