Speaking to journalists on Sunday, 17th November, the former president revealed that he was immediately impressed by Dr Bawumia’s attitude and knowledge of economic issues during their first encounter in 2003. “I met him in 2003 during an international conference organised by the Financial Times in London, which focused on finance and the economy. The team that travelled with me included the then Governor of the Bank of Ghana, Dr Paul Acquah. His team included a young research assistant, Dr Bawumia. During the conference, the BoG was required to give a statement, and it was delivered by Dr Bawumia instead of the governor. His delivery was so impressive that he left every participant astounded. I immediately called him to commend him, and he was very humble,” he recounted.
He disclosed that Dr Bawumia was a pivotal part of the central bank’s team that helped the country recover from its major economic challenges after it was classified as a ‘Heavily Indebted Poor Country (HIPC)’ in 2002. “I worked closely with the BoG governor, Dr Paul Acquah, and his team, and we were able to achieve completion point by 2004. At this point, the country owed over 8 billion dollars, but due to our efforts, the World Bank cancelled over 2 billion dollars of our debt. This proved my government’s competence to the international community. The team that supervised this feat was the governor and his team, which included Dr Bawumia,” he added.
In July 2007, the cedi was re-denominated by removing four zeros, making the ¢10,000 note equivalent to a new GH¢1 note. Former President Kufuor noted that Dr Mahamudu Bawumia was also part of the BoG team that influenced this decision.
When questioned about the Vice President’s ability to lead Ghana’s economic recovery, former President Kufuor argued that Dr Mahamudu Bawumia is the “ideal” candidate to lead the country.
Meanwhile, the former president’s statement has sparked mixed reactions. The Founding President and Chief Executive Officer of IMANI Centre for Policy and Education, Franklin Cudjoe, questioned the rationale behind his support for the Vice President. In a Facebook post, he asked: “Where was President Kufuor's voice when defenceless and frail old men and women had to queue under the scorching sun to beg Nana & Bawumia's government to hands off their savings and miserable pension contributions? And yet they were given dreadful financial haircuts, sending almost 900 of these senior citizens prematurely to their graves?”
He pointed out that the current harsh economic conditions were supervised by President Akufo-Addo’s “solid economic management team,” led by Vice President Dr Mahamudu Bawumia.