Dr. Mahamadu Bawumia, the Vice President and flag bearer of the New Patriotic Party (NPP), recently called for a national economic debate. However, some critics find this approach to be politically incorrect and immature, given the prevailing economic challenges and governance issues. They question what meaningful solutions can be offered after apparent mismanagement of the economy.
Amidst economic hardships experienced by Ghanaians, including currency depreciation and rising prices of goods and services, Dr. Jonathan Asante Otchere senior lecturer from University of Cape Coast criticized the NPP leadership’s approach as lacking seriousness and empathy for citizens. These sentiments were expressed during an interview on the Adekyee Mu Nsem morning show on Ahotor 92.3 FM, hosted by Citizen Kofi Owusu in Accra.
Responding to allegations of reckless spending by the Akufo-Addo-led administration, Vice President Bawumia defended the government’s fiscal decisions. He emphasized prudent use of funds, highlighting projects aimed at long-term benefits for the nation. Bawumia outlined plans to streamline government expenditure, including reducing the number of ministers to cut down on costs.
Speaking at the 8th Ghana CEOs Summit in Accra, Bawumia stressed the need for reducing government expenditure by 3 to 5 percent. He cited ongoing projects such as hospital networking and Ghana.gov as examples of efficient spending practices.
Meanwhile, the former president addressed the challenges facing businesses and industries in Ghana’s current economic climate. Emphasizing collaboration between the government and businesses, he highlighted the importance of creating a supportive business environment and ensuring economic stability.
He advocated for the adoption of digital transformation and the implementation of a 24-hour economy policy to enhance competitiveness and attract investments. Additionally, he pledged to prioritize economic diversification and leverage artificial intelligence for sustainable growth.
Acknowledging the economic downturn and job losses, the former president promised urgent action to stabilize the economy, restore the currency’s value, and tackle corruption. He proposed measures to boost revenue, simplify taxation, and promote digital innovation across sectors.
Furthermore, he outlined plans to revitalize key industries such as agriculture, tourism, and manufacturing, while also investing in infrastructure development to lower transaction costs and improve productivity.
Highlighting the potential of AI to drive innovation and transform various sectors, he pledged to bridge the digital divide and harness technology for economic development. He proposed targeted training programs and partnerships to equip the workforce with relevant skills for the digital age.
In conclusion, the former president urged collaboration between government, private sector, and academia to foster innovation, entrepreneurship, and economic diversification. He called upon CEOs and industry leaders to join efforts in charting a path towards a more prosperous and inclusive future for Ghana.
