Economic Lecture VEEP hits back at Bawumia: We’ll teach him the economics he doesn’t know

The vice president, who is the head of the country's economic management team and a former governor of the central bank, hit back at the New Patriotic running mate at the launch of NDC’s eastern zone campaign taskforce in Ashaiman Sunday.

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Vice President Paa Kwasi Amissah-Arthur says the government will respond to Dr Mahamadu Bawumia's assessment of the economy "at the appropriate time," adding: we shall "teach him the things that he doesn’t know but thinks he knows."

The vice president, who is the head of the country's economic management team and a former governor of the central bank, hit back at the New Patriotic running mate at the launch of NDC’s eastern zone campaign taskforce in Ashaiman Sunday.

On Thursday, September 8, the former Deputy Governor of the Bank of Ghana painted a gloomy picture of the economy under president John Mahama, describing his administration as the worse the country has witnessed.

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He said the Mahama-led administration has run down the economy in a bizarre manner, leading it to seek a bailout from the International Monetary Fund.

“I heard that somebody has been making a lot of noise about the progress of this country and how the economy is not going well. John Mahama has worked hard and has developed this country to an extent that we haven’t seen in many years.

"At the appropriate time, we shall respond in full measure to all the lies that have been told; at the appropriate time, we shall correct him and teach him the things that he doesn’t know but thinks he knows,” he said.

“But I heard one thing, which I have to correct. On TV3 four days ago, I heard our opponent saying something that was very wrong so let me correct the first one because we will continue to correct him when he goes wrong.

“He said that interest payment had exceeded capital expenditure, ah! even anybody knows that if I borrow money to pay for a road and it is going to take me 10 years to pay for that road. Every year I take one-tenth of the money and use it to pay back from the person I borrowed the money from,” he explained.

Following Dr Bawumia's lecture, the vice president has come under pressure to respond since he is head of the economic management team.

Nonetheless, the Finance Minister has refuted portions of Dr Bawumia's lecture. Mr Seth Terkper is challenging Dr Bawumia's computation of the country's debt stock.

Mr Terkper said “We have a debt management policy that has many objectives,  we do not have only one objective.  Given that the Ghanaian economy has begun to pick up, it will not make sense to keep a one billion Eurobond debt for ten or fifteen years.”

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