Bawumia is mocked by an NDC MP for avoiding economics
The vice president, Dr. Mahamudu Bawumia, reportedly ceased talking about the economics after contributing to Ghana’s economic woes, according to Richard Acheampong, the member of parliament for Bia East in the Western North Region. He asserted that the vice president chose to pursue digitalization rather than sticking to his area of competence in economics since…
The vice president, Dr. Mahamudu Bawumia, reportedly ceased talking about the economics after contributing to Ghana’s economic woes, according to Richard Acheampong, the member of parliament for Bia East in the Western North Region.
He asserted that the vice president chose to pursue digitalization rather than sticking to his area of competence in economics since there was no longer anything encouraging to say about Ghana’s economy.
Due to its historically high levels of debt, Ghana has been prohibited from the international bond market for the first time.
“We don’t have access to the international bond market. To put it bluntly and simply, when we go out to borrow, investors won’t touch our bonds. Since the investors’ quotas had such high coupon rates, there was no way we could have settled it’, Richard Acheampong said to Martin Ahwireng on Adwenekasa on Accra-based Original FM 91.9. “In fact, this administration attempted to raise what they refer to as’sovereign and agreeing bonds’ on the international bond market in October, but they were not touched with a long pole.
Richard Acheampong claims that the government’s inability to join the international bond market is due to the lack of confidence that foreign investors have in the Ghanaian economy.
He said, “They have looked at our figures and they have realised that if they give us money, we are not in a position to pay and we would default. Therefore, they do not want to have anything to do with us.
He claims that the current situation will continue until June 2022, and if the country’s economy does not improve, investors would sell their bonds in a way that devalues the cedi.
