[ 2017-11-08 ]

‘Bawumia is only confident, he knows nothing’- Minority
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 today [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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